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Steel News July 02, 2020 10:10:16 PM

North American Steel Industry Hails Introduction of USMCA

Paul Ploumis
ScrapMonster Author
The tri-party deal is considered to be a critical milestone for the North American steel industry, its hundreds of workers and numerous supply chains.
North American Steel Industry Hails Introduction of USMCA

SEATTLE (Scrap Monster): The United States-Mexico-Canada Agreement (USMCA) - the trade pact in replacement of North American Free Trade Agreement (NAFTA) has come into full force with effect from July 1st. The American Iron and Steel Institute (AISI) and the entire North American steel industry have applauded the critical milestone.

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Kevin Dempsey, interim president and CEO, AISI noted that the treaty represents a significant achievement by the United States, Canada and Mexico that will benefit the North American steel industry and its customers throughout the region. It will promote increased cooperation among the three governments in addressing unfair trade practices. The important trade agreement will help to bolster steel demand throughout North American region, he added.

The tri-party deal is considered to be a critical milestone for the North American steel industry, its hundreds of workers and numerous supply chains. Furthermore, it is expected to boost the global competitiveness of North American steel producers, by improving upon the terms of the original NAFTA. Above all, the agreement looks to address various threats to the industry, including rising global steel excess capacity and weakening demand.