United Steelworkers (USW) International President Leo W. Gerard issued the following statement today on the release of a study of the enormous challenges facing the U.S. steel sector from a flood of imports and rising excess global capacity in steel production. The report “Surging Steel Imports Put Up to Half a Million U.S. Jobs at Risk” by the Economic Policy Institute and the Law Offices of Stewart & Stewart provides a comprehensive analysis of the threats facing the steel sector.
“This report should be a wake-up call to Congress and the Obama administration. The U.S. steel sector supports up to half a million U.S. jobs which are at risk without strong action against rising excess global capacity and a flood of unfairly-priced and traded steel imports swamping our market. Our economic and national security interests are at risk and policy leaders appear to be sitting on their hands.
“The report clearly documents how many foreign competitors, often supported by their governments, are building up capacity well beyond domestic needs and shipping their products around the globe and, all too often, targeting the U.S. market. They know too well that the steel sector is an engine of economic growth and job creation, and the technology it develops and the products it produces are critical components for a strong national defense. U.S. steel imports are rising while domestic production, corporate profitability and industry employment is declining. Our nation’s economic recovery is at further risk if this trend is not stopped.
“The report estimates that up to half a million U.S. jobs are at risk. While these are primarily Steelworker jobs, they are also the jobs of thousands of other Americans, whose employment depends on the steel industry, including those who supply materials, ship products and fabricate steel into countless other applications. Having the industry and so many jobs at risk is unacceptable at any time, but as our manufacturing sector and economy continues to try to dig out of the Great Recession, it is now a crisis.
Chosen excerpts by Job Market Monitor. Read the whole story at New Study Highlights Threats to U.S. Steel Sector: Production and 500,000 Jobs at… — PITTSBURGH, May 13, 2014 /PRNewswire-USNewswire/ —.
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