AISI Says Treasury Report on Currency 'Doesn't Go Far Enough'

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For Immediate Release
April 15, 2013

WASHINGTON, D.C. – AISI President and CEO Thomas J. Gibson issued the following statement regarding the Obama Administration’s announcement late Friday afternoon that it would not label China as a currency manipulator:

“Domestic manufacturers and their workers can compete with anyone on a level playing field, but we cannot compete against governments. While the United States plays by the rules and adheres to its WTO obligations, some of our trading partners do not. AISI is disappointed that the U.S. Treasury – in its most recent report - has once again side-stepped its obligation to address China’s currency manipulation.

“While we are encouraged that the Administration recognized that China greatly undervalues its currency, the report doesn’t go far enough.  By not declaring China a currency manipulator the Administration misses an opportunity to address the massive damage that China’s severely undervalued currency is causing to our nation’s manufacturing sector.  Failing to address fundamental currency misalignment will only continue to impede our economic recovery and impair the ability of American businesses to increase their production, keep their doors open and create jobs,” Gibson said.

On Friday, AISI also expressed concerned that the Administration paved the way for Japan to join the Trans-Pacific Partnership (TPP) trade talks this year without addressing the issue of that nation’s currency manipulation.

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 124 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 Web site at .

Contact: Lisa Harrison

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