Steel imports up 15% through September

By Staff -- Purchasing, 12/8/2000

Steel imports slipped by almost 6% in September, but Bureau of the Census data shows nine-month imports of 30.4 million tons are 15% higher than the 26.5 million received by buyers through September 1999. And, they are close to the 30.5 million tons imported in the first nine months of 1998, when full-year imports set a record. Imports of semi-finished steel (slabs and billets) bought by mills for further processing are 6.9 million through September, a 12% increase over 1999, while mill product imports of 23.5 million tons are 16% higher.

Richard K. Riederer, chief executive officer of Weirton Steel Corp. and chairman of the American iron and Steel Institute, says imports are the reason inventories remain high, fourth-quarter orders are low, and capacity utilization has fallen below 80%. He says "imports are putting the steel industry in an emergency situation because of record levels of dumped, subsidized and disruptive steel imports." However, trade observers are expecting imports to decline in the fourth quarter of this year, unlike 1998 when fourth quarter imports actually exploded.

Horst Buelte, chairman of the American Institute for International Steel, says "steel importers have backed off the hot-rolled sheet market especially because of weak prices and high inventories in customers' facilities." Imports of bar and beam products also are starting to decline, although it will take some time to draw down excess supplies.