American Iron and Steel Institute Thanks House Members for Voicing Disappointment Over Administration's Decision Not to Name China as a Currency Manipulator

WASHINGTON, D.C., November 6, 2009 – The American Iron and Steel Institute (AISI) issued a statement expressing its endorsement of and appreciation for the efforts of 45 members of the House of Representatives who issued a letter to President Obama expressing their disappointment in the Administration’s decision not to categorize China as a currency manipulator.

Following is the statement, by Thomas J. Gibson, president and CEO of AISI:

“The steel industry thanks the 45 Members for their leadership in expressing their disappointment to President Obama over the Administration’s decision to decline to name China as a currency manipulator. We at AISI believe that the facts call for China to be named a currency manipulator, given the massive damage that China’s severely undervalued currency has done to U.S. manufacturing companies, their employees and their communities. 

Given this decision, it is now more urgent than ever 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 is very supportive of legislation introduced by Congressmen Tim Ryan (D-OH) and Tim Murphy (R-PA) as well as Senators Debbie Stabenow (D-MI) and Jim Bunning (R-KY), H.R. 2378 and S. 1027, to address this issue.”

To read the full House letter to President Obama, click here.

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 material of choice.  AISI 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 over 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