WASHINGTON, D.C. – The American Iron and Steel Institute (AISI) this morning said that the G7 Ise-Shima Leaders' Declaration released at the conclusion of the G7 Ise-Shima Summit in Japan is "an indication that the steel industry's concerns are clearly being heard and acted on by heads of governments around the world."
Thomas J. Gibson, AISI president and CEO, said, "The number of U.S. jobs lost in the steel industry since January of 2015 has climbed to nearly 15,000 - primarily due to the high levels of unfairly traded imports fueled by the massive build-up in steel capacity in other countries. We are pleased that the leaders of the G7 governments recognize the severe impacts that global steel overcapacity and interventionist policies in the steel sector around the world are having in the U.S. and other countries, and applaud the commitment of these leaders to address these critical issues."
He said global overcapacity in steel is estimated by the OECD to be about 700 million metric tons today. More than half of that overcapacity - 425 million metric tons - is located in China.
"There is a global problem that needs a global solution. Market-distorting government policies have prevented adequate industry adjustment in some markets in response to changes in global demand. The Chinese government in particular needs to accept responsibility and address its role in creating this massive steel glut. We especially appreciate the leadership and commitment of President Obama and his administration to address the surge of steel imports and the market-distorting policies and practices that have enabled it, and we are grateful for the efforts of all the governments involved in the G7 Summit, and in other fora, to make progress on these vitally important issues," Gibson concluded.
AISI and eleven other steel industry associations representing all of the G7 countries earlier this week released a statement urging summit participants to address the global steel overcapacity issue in their discussions.
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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 19 member companies, including integrated and electric furnace steelmakers, and approximately 120 associate members who are suppliers to or customers of the steel industry. For more news about steel and its applications, view AISI's website at www.steel.org. Follow AISI on Facebook or Twitter (@AISISteel).