Steel Industry Praises Senators' Call for U.S. Government Action to Stop China's Currency Manipulation

U.S.government must take a stand against China’s protectionist trade practices

Washington, D.C. – The American Iron and Steel Institute (AISI) praised the stand of over a dozen Senators who called today for the U.S. government to take a tougher stance against China’s currency manipulation practices.  Senators Debbie Stabenow (D-Mich.), Charles Schumer (D-N.Y.), Sherrod Brown (D-Ohio), Lindsay Graham (R-S.C.) and Sam Brownback (R-Kan.) today unveiled new legislation to combat currency manipulation by the Chinese government.

“The steel industry greatly appreciates the leadership demonstrated today by Senators Debbie Stabenow, Charles Schumer, Sherrod Brown, Lindsay Graham and Sam Brownback on the China currency issue,” AISI President and CEO Thomas Gibson said, commending the Senators.  “American businesses cannot compete in the global economy while China continues to deliberately undervalue its currency, which provides an export subsidy to Chinese goods.  This puts U.S. manufactured goods at a competitive disadvantage in every market around the world.  If we want to double U.S. exports and create more jobs in the United States, the U.S. government must act to end this unfair trade practice and the first step is for the Treasury Department to name China a currency manipulator in its upcoming April report.”

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 25 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 approximately 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