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Steel News January 17, 2020 08:30:45 AM

U.S. Steel Trade Groups Greet Senate Passage of USMCA

Paul Ploumis
ScrapMonster Author
The Senate had passed the bill Thursday by a vote of 89-10.
U.S. Steel Trade Groups Greet Senate Passage of USMCA

SEATTLE (Scrap Monster):  Various U.S. Steel industry groups welcomed the Senate passage of the United States-Mexico-Canada Agreement (USMCA). The Senate had passed the bill Thursday by a vote of 89-10. The North American steel industry has been urging early passage of USMCA for a long time now. The agreement still needs to be approved by Canada in order to come into effect.

In a statement, Thomas J. Gibson, president and CEO of the American Iron and Steel Institute (AISI) noted that the passage of USMCA is a great news for steelmakers, workers and customers. It will help to create jobs and foster manufacturing sector investment. The agreement is crucial for American steelmakers, as it will secure export markets for U.S. steel mill products, he added. Incidentally, U.S. exports nearly 90% of these products to Canada and Mexico.

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Meantime, Philip Bell, president of the Steel Manufacturers Association noted that the agreement provides strong provisions on new automobile manufacturing, rules of origin content requirements, trade enforcement, labor and the environment. It will bolster regional steel production, he said. Furthermore, USMCA will boost co-operation among the three countries to effectively address the issue of surging imports of dumped and subsidized steel into the North American market, Bell added.