Washington, D.C. – Philip K. Bell, President of the Steel Manufacturers Association (SMA), testified at today’s public hearing on the global steel industry. The hearing was scheduled by joint notice from the Office of the U.S. Trade Representative and the U.S. Department of Commerce, and also featured high level participation from other government agencies.
Mr. Bell commented on the impact of global steelmaking overcapacity on the U.S. steel industry and its workforce, and also discussed potential policy solutions.
“This hearing facilitated an important discussion on the problem of global steelmaking overcapacity. It is now time for action, and for the United States to lead constructive international efforts both to limit new capacity and to remove unneeded capacity,” said Bell.
Several senior executives from SMA member companies also testified during the two days of hearings. They included Barbara Smith, Chief Operating Officer of Commercial Metals Company, who noted: “These imports have no comparative advantage over U.S. steel. But, they can be produced and sold without regard to profitability and shareholder returns. And, the large and open U.S. market has been and will continue to be an ideal target to offload dumped and subsidized steel, particularly given that many of the foreign producers’ alternative markets are struggling.”
Other SMA leaders who testified included: Mark Millett, President and CEO of Steel Dynamics, Inc.; John Coll, Vice President, Sales and Marketing, Gerdau; Burke Byer, President and CEO, Byer Steel; and Jim Darsey, Executive Vice President, Nucor.
Copies of SMA’s written submission and oral statement are available on the SMA’s website, www.steelnet.org.
SMA is North America’s largest steel trade association, and the primary association for electric arc furnace steel producers. SMA’s member companies account for over seventy-five percent of total domestic steel production.