Steel Industry Urges Senate to Move Swiftly to Pass Currency Reform Legislation

Washington, D.C., 11/30/2010 - In a letter sent to all members of the U.S. Senate this week, the Steel Industry Coalition (SIC) called for their full support and quick passage of H.R. 2378, the Currency Reform for Fair Trade Act, during the lame-duck session.

In the SIC letter, the American Iron and Steel Institute (AISI), the Steel Manufacturers Association (SMA), the Specialty Steel Industry of North America (SSINA) and The Committee on Pipe and Tube Imports (CPTI), deplored China’s “mercantilist policy of massive currency manipulation…which is hammering the U.S. steel industry, our customers, our suppliers, U.S. workers and U.S. communities.  It is enabling China to maintain a nearly $30 billion per month trade surplus with the United States.”

“For nearly a decade, past Administrations have had endless diplomatic negotiations with China about allowing its currency to float without success” the SIC letter stated.  “It is time for the Congress to act to support American jobs and communities.  Please pass H.R. 2378 during the lame-duck session,” the letter concluded.

Click here to read the full SIC Letter.

Collectively, the nearly 100 member companies of AISI, SMA, SSINA and CPTI, represent virtually the entire U.S. steel industry.