Protesting Steel Firms Have Tangled Foreign Connections
June 7, 1999
The U.S. steel industry is in the midst of a $4 million lobbying campaign against imports from foreign firms -- protesting that overseas steel manufacturers are dumping their steel here at prices that are below their costs.
But U.S. firms are tied into joint ventures, shared ownership and other arrangements with the very foreign steel makers they are accusing.
- U.S. Steel has a joint venture arrangement with Kobe Steel of Japan and POSCO of South Korea.
- Ispat Inland here has a joint venture with Nippon Steel of Japan, as well as having subsidiaries in Canada, Trinidad and Germany.
- LTV has a joint venture with Sumitomo in Japan, British Steel and Krupp in Germany.
- National Steel is owned by Japan's NHK.
Industry analyst Chuck Bradford estimates that about 42 percent of steel shipments into the U.S. come from American mills owned or partly controlled by foreign companies.
Moreover, domestic mills buy about 25 percent of the foreign steel shipped to the U.S. -- processing it into finished steel or specialty products.
Source: James Cox, "Foreign Connections Confuse Steel Fight," USA Today, June 7, 1999.
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