AISI Says Treasury Report on Currency 'Again Falls Short'

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For Immediate Release
October 31, 2013

WASHINGTON, D.C. – AISI President and CEO Thomas J. Gibson issued the following statement regarding the Obama Administration’s announcement, in a semi-annual Treasury Department report issued last night, that it would not label China as a currency manipulator:

“AISI is extremely disappointed that the U.S. Treasury has once again side-stepped its obligation to address China’s currency manipulation. While we are encouraged that the report recognized that China greatly undervalues its currency, it falls short by not declaring China a currency manipulator. The Administration has missed an opportunity to address the massive damage that China’s severely undervalued currency is causing to our nation’s manufacturing sector. While the United States plays by the rules and adheres to its WTO obligations, some of our trading partners do not – and our government should recognize that.”

Contact: Lisa Harrison
202.452.7115 / lharrison@steel.org

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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 24 member companies, including integrated and electric furnace steelmakers, and approximately 125 associate members who are suppliers to or customers of the steel industry. AISI’s member companies represent over three quarters of both U.S. and North American steel capacity. For more news about steel and its applications, view AISI’s website at www.steel.org.