North American Steel Industry Urges Speedy Action on USMCA
Steel News | 2019-12-19 07:07:12
The North American steel industry noted that the agreement will help to promote increased cooperation and information sharing between the countries.
By Paul Ploumis
SEATTLE (Scrap Monster): The North American steel industry urged the governments of respective countries to take immediate necessary action to get the USMCA approved and implemented. The industry thanked the governments of the U.S., Mexico and Canada for their diligence in negotiating the United States-Mexico-Canada Agreement (USMCA), which is considered as the replacement agreement for NAFTA.
The regional steel producers noted that earliest implementation of the USMCA is critical to strengthen the industry’s competitiveness, especially on the back of ongoing threats in the form of global overcapacity and declining demand. It will further strengthen the manufacturing supply chains in the region. The agreement ensures incentivizing the consumption of regional steel in the manufacturing of steel intensive goods in the North American region.
The North American steel industry noted that the agreement will help to promote increased cooperation and information sharing between the countries. This in turn will enable the region to more effectively address the damages caused by surging imports of dumped and subsidized steel into the region.
The steel trade associations of the region decided to call upon all three North American governments to take necessary steps that will work towards the quickest approval of the new trade agreement.
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