U.S. steelmakers argue that products from oil drilling pipe to concrete-reinforcing bars need broad protection from imports on national security grounds, while foreign governments and firms argued that the industry is adequately meeting U.S. defense needs.
The comments came at a U.S. Commerce Department hearing for a national security investigation into steel imports that could lead to broader tariffs or import quotas than the anti-dumping and anti-subsidy duties now in place on dozens of steel products.
Commerce Secretary Wilbur Ross told the hearing he hoped to complete the review under a Cold War-era trade law by the end of June, much sooner than the 270 days allowed under the statute.
American steel industry executives argued that a flood of imports has dangerously eroded their profitability and thus their ability to continue meeting very broadly defined national security needs.
“Unfortunately, global overcapacity and unfairly traded imports threaten our ability to invest.