AISI Commends Members of Congress for Reintroduction of Currency Reform Legislation

American Iron and Steel Institute Calls On Congress to Support Action Immediately 

Washington, D.C., 2/10/2011 - The American Iron and Steel Institute (AISI) commended Sen. Sherrod Brown (D-Ohio), Sen. Olympia Snowe (R-Maine), Congressional Steel Caucus Chairman Tim Murphy (R-Pa.), Ways and Means Ranking Member Sander Levin (D-Mich.) and Rep. Tim Ryan (D-Ohio) today for introducing the Currency Reform for Fair Trade Act of 2011.  Last September, the House passed similar legislation by an overwhelming vote 348-79, but it was not taken up during the Senate’s lame-duck session. 

“We greatly appreciate the tremendous leadership shown today by the sponsors of the Currency Reform for Fair Trade Act.  This bill has wide bipartisan support as shown by both the overwhelming vote in favor of it in the last Congress and the large number of original co-sponsors committed to its reintroduction in the 112th Congress,” AISI President and CEO Thomas J. Gibson commented.  “The Currency Reform for Fair Trade Act is common sense legislation that adds no additional cost to the federal government but does provide the U.S. with a legal tool to use in addressing the unsustainable trade balance we have with China and its built-in export subsidy, which undercuts American manufacturers and costs valuable manufacturing jobs.   The bill would give U.S. manufacturers the ability to use the existing countervailing duty law to obtain a remedy for injury caused by goods benefiting from a currency manipulation export subsidy.   

“China Inc. continues to flagrantly disregard its WTO commitments by deliberately undervaluing its currency by as much as 40 percent to gain an unfair trade advantage for its manufacturers.  Last Friday, the Obama Administration sidestepped another opportunity to cite China as a currency manipulator.  We cannot keep giving China a free pass on this
critical issue.  It’s time that Congress directly address these protectionist and trade-distorting currency practices and make China play by the rules.”

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 140 associate and affiliate members who are suppliers to or customers of the steel industry.  AISI's member companies represent approximately 80 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