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Global steel surpluses are the result of chronic global excess steelmaking capacity in major exporting countries, including China, India, Brazil, Korea, Turkey, the EU, and other nations, much of it from state-owned and state-supported enterprises that are heavy polluters. In 2018, the United States determined that steel imports posed significant risks to national security and imposed a 25% tariff and other trade remedies on certain steel products under Section 232 of the [OBSCURE]Trade Expansion Act of 1962. This report examines the impacts of these measures on domestic steel production and consuming industries, and it recommends that these measures be retained until a multilateral solution to the problem of global excess steel capacity can be achieved.
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