Steel Institute Applauds Senate Currency Letter

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For Immediate Release
September 24, 2013

WASHINGTON, DC – The American Iron and Steel Institute (AISI) hailed the letter sent today by a majority of U.S. Senators to U.S. Trade Representative Mike Froman and Treasury Secretary Jack Lew on the issue of currency manipulation. The letter called for strong and enforceable disciplines against currency manipulation in the proposed Trans-Pacific Partnership (TPP) and future trade pacts. Spearheaded by Senators Lindsay Graham (R-SC) and Debbie Stabenow (D-MI), the letter has a super majority of 60 signatories.

Thomas J. Gibson, president and CEO of AISI, said, "We applaud Senators Stabenow and Graham for their longstanding leadership on this issue, and we are pleased that over a majority of the Senate, in addition to a majority of the U.S. House of Representatives, have now urged the Administration to ensure that currency manipulation is addressed in the TPP. Also noteworthy was the addition late last week – after meeting with AISI member companies – of Senator Rob Portman, a former USTR, as a signatory to the letter. The steel industry has long pressed for U.S. government action to counter foreign currency manipulation, which is being used by an increasing number of governments around the world. In order to level the playing field for U.S. manufacturers and their workers, major trade distorting practices like currency manipulation must be effectively countered. Today’s Senate initiative is a vital step toward addressing this unfair trade practice which has undermined the competitiveness of American manufacturers and cost many workers their jobs."

A link to today’s Senate letter can be found here. AISI also earlier this summer supported the effort to circulate a similar letter in the House, which garnered 230 signatures.

Contact: Lisa Harrison
202.452.7115 / lharrison@steel.org

Click here for a PDF version of this release.

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 127 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.