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Nucor highlights benefits in steel industry by Section 232

The US company Nucor Corporation highlighted benefits in the steel industry derived from Section 232.

According to the company, the Section 232 steel tariffs implemented in 2018 continue to be effective in preventing the dumping of steel products in the US market.

Also the successful business cases of the industry in recent years have had an impact on import levels.

For the full year 2020, finished steel imports decreased approximately 23% from the previous year and accounted for about 18% of the United States market share.

In 2020, the finished steel import market share was at its lowest level since 2003.

Nucor is a Charlotte, North Carolina-based producer of steel and related products.

Nucor is also the largest steel producer in the United States, as well as the largest producer of “mini-mill” steel (that is, it uses electric arc furnaces to melt scrap steel rather than blast furnaces to melt iron). It is also the largest scrap metal recycler in North America.

Nucor and tariffs

Section 232 of the Trade Expansion Act of 1962 gives the President the ability to impose restrictions on certain imports based on an affirmative determination by the Department of Commerce that the investigated product or products are imported into the United States in such or such quantities. circumstances that threaten to harm national security.

Effective March 23, 2018, President Donald Trump applied tariffs of 25% and 10%, respectively, on certain steel and aluminum imports, and in February 2020, he expanded the scope of products subject to additional tariffs.

At the same time or later, permanent tariff exemptions were negotiated in exchange for quantitative limitations on US imports that cover steel for Brazil and South Korea, and both steel and aluminum for Argentina.

Australia was permanently exempt from both tariffs, with no quantitative restrictions.

The Trump Administration removed tariffs on steel and aluminum imports from Mexico and Canada, in part to secure Congressional support for the Mexico-United States-Canada Agreement (USMCA), and after the three countries agreed to establish an import monitoring mechanism.

According to the US Congress, US tariffs on steel and aluminum under Section 232 currently affect $ 13.1 billion of annual US imports, excluding countries currently exempt.

 

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