AISI Applauds Passage of Landmark Currency Reform Bill; Commends House for Bold Action to Hold China Accountable

Gibson praises Reps. Ryan and Murphy for championing vital legislation

Washington, D.C., 9/29/2010  The American Iron and Steel Institute (AISI) applauded the U.S. House of Representatives for passing by an overwhelming margin a landmark bill today, H.R. 2378, the Currency Reform for Fair Trade Act.  The bill will give American manufacturers and their workers a remedy to address China’s deliberate undervaluation of its currency, which has severely harmed the U.S. economy and cost millions of valuable jobs.

“I commend the House for taking this bold action today to hold China accountable for its protectionist economic policies that violate World Trade Organization rules and continue to harm American manufacturers,” AISI President and CEO Thomas J. Gibson, said.  “I want to particularly thank Congressmen Tim Ryan (D-Ohio) and Tim Murphy (R-Pa.) for championing this bipartisan bill and for their energized efforts in seeking its passage.”

“We urge the Senate to follow the House’s quick action to approve this bill and then send it to the President for his signature.  Nothing will send a clearer message to China that it must play by the rules and that we will no longer tolerate its refusal to comply with its WTO obligations.” 

“For the international trading system to work, everyone must abide by the rules.  China has been intervening massively in foreign exchange markets to keep its own currency severely undervalued, by as much as 40 percent, for more than a decade. This legislation gives American industry a tool to take action to address the false trade advantage China is maintaining by its flagrant disregard of the rules--rules that it promised to abide by when it joined the WTO,” Gibson said.
 
“We greatly appreciate the bipartisan action on this legislation, which will stimulate the U.S. economy and create sorely-needed domestic manufacturing jobs without adding to the federal deficit,” Gibson stated.

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 23 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