AISI Very Disappointed by Obama Administration’s Stance on China as a Currency Manipulator

Washington, D.C., April 15, 2009 – AISI President and CEO, Thomas J. Gibson, issued the following statement in reaction to the Administration’s decision today not to name China a currency manipulator in the Treasury Department’s semiannual report:

“AISI is very disappointed that the Obama Administration decided not to name China a currency manipulator in the Treasury Department’s semiannual report.   We had been hopeful for a different finding, given Treasury Secretary Geithner’s comments earlier this year suggesting that the new Administration believes the government of China is manipulating its currency.

Given the massive damage that China’s severely undervalued currency has done to U.S. manufacturing companies, their employees and their communities, this would have been a good first step and a welcome change from the view of the previous Administration.

It is now more urgent than ever and clearly a top economic priority, that Congress pass promptly, and that the Obama Administration support, a trade law remedy fix to this problem of currency manipulation, which has contributed to the current U.S. trade deficit and allows China to undercut U.S. trade.”

AISI serves as the voice of the North American steel industry in the public policy arena and advances the case for steel in the marketplace as the preferred material of choice.  AISI also plays a lead role in the development and application of new steels and steelmaking technology.  AISI is comprised of 24 member companies, including integrated and electric furnace steelmakers, and 138 associate and affiliate members who are suppliers to or customers of the steel industry.  AISI's member companies represent more than 75 percent of both U.S. and North American steel capacity.  For more news about steel and its applications, view AISI’s Web site at www.steel.org.

Contact:
Nancy Gravatt
Vice President, Communications
American Iron and Steel Institute
Tel: 202.452.7115