NEWS

US Steel Imports Persists Amid Global Overcapacity Concerns

The US continued to import steel in March, despite concerns over global overcapacity. According to the American Iron & Steel Institute, imported steel flowed into the US market, with the OECD warning that China's significant subsidization of its steel industry will worsen excess capacity problems and trigger further trade disruptions. China's steel exports surged to 118 million metric tons in 2024, more than doubling since 2020. The OECD Steel Committee, comprising 293 government and industry delegates from 41 countries, met to discuss international cooperation and address the steel crisis. Committee Chair Ulf Zumkley attributed the crisis to "non-market policies and practices" in some economies, including China's subsidies, which will likely lead to increased global excess capacity from 602 million metric tons in 2024 to 721 million metric tons by 2027. The US administration has introduced tariffs to protect domestic steelmakers, but the absence of tariffs in the first quarter of this year may have contributed to the continued reliance on imported steel. METSFAB Pakistan - Pakistan's Dedicated Exhibition For Metals, Metal Forming, Steel Fabrication, Welding, Cutting & Finishing.