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U.S. Steel Giants Warn Foreign Imports Imperil National Security

  • Nucor’s Ferriola says steel overcapacity at crisis levels
  • Chinese govt argues steel exports to U.S. have dropped 67%
Photographer: Patrick T. Fallon/Bloomberg

Chief executive officers of America’s largest steelmakers said global overcapacity of the metal is at crisis levels as they urged the U.S. to determine that cheap steel imports are a threat to national security.

Speaking at a public hearing into the impact of steel imports, CEOs including Nucor Corp.’s John Ferriola and AK Steel Holding Corp.’s Roger Newport said the U.S. must build up defenses against a flood of production from China and other nations that offer state support to the industry. The U.S. must think outside the traditional remedies in combating foreign governments’ “ruthless” focus on winning control of the market, David Rintoul, who heads U.S. Steel Corp.’s tubular business, said at the hearing in Washington on Wednesday.