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Time - Man of the Year
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Time_Man_of_the_Year_Compact_Publishing_3YX-Disc-1_Compact_Publishing_1993.iso
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1993-04-08
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THE WEEK, Page 22BUSINESSSteel Wars
The Commerce Department steps in to protect domestic steelmakers
When U.S. quotas on steel imports were lifted earlier this
year, American steelmakers, concerned that they might lose their
customers to overseas suppliers, cried foul. Complaints, filed
by Bethlehem, LTV and 10 other firms, charged nations including
Brazil, Britain, France and South Korea with receiving unfair
trade advantages from government subsidies. The American
steelmakers argued that these benefits protect foreign firms
from economic pressures that domestic steelmakers must face.
Last week the Commerce Department agreed, citing 12 countries. A
final ruling is expected next spring, which could mean permanent
additional duties ranging from 1% to 91%.
The government's action should ease the concerns of U.S.
firms by curbing imports. After years of severe competition and
lagging productivity, American firms have risen out of the
doldrums. But a depressed economy has caused orders for U.S.
steel to decline in the past two years.