The American Iron and Steel Institute (AISI) has hailed Congress on the steel group for its commitment to preserve tariffs and quotas on imported foreign steel. A statement on this matter was made by the President of the Institute and the Council of Europe, Kevin Dempsey, in which he commended the efforts of the members of the Group in sending a letter to President Joe Biden.
Dempsey noted that AISI is grateful to members of Congress for their support of the American steel industry and its workers. He thanked the 51-member bipartisan congressional group led by Steel Caucus co-chairs Conor Lamb and Frank J. Mrwan and co-chairs Mike Bost and Rick Crawford for sending a compelling letter to the president highlighting the negative impacts of unfair import trade and global excess steel capacity.
The letter also mentioned that tariffs and quotas on steel have led to a significant reduction in steel imports from abroad. He said they have reduced overall steel imports by 8%.
According to AISI, the industry is ready to meet the challenges it faces, but needs support in the form of tools to combat trade distorting practices that threaten the industry. It added that steel is the backbone of the country’s economy.