Abstracts » Business, international

Weirton, where free trade hurts

Article Abstract:

Weirton Steel is laying off 20% of its work force following the import of large amounts of cheap steel in 1998. The company has joined forces with other steel firms alleging dumping by Brazil, Japan and Russia, and the administration has agreed that Japan and Brazil have been guilty, though not Russia. Congress is to vote on a bill to impose quotas on steel imports, a move which runs counter to the World Trade Organization rules, and which goes against the idea of multilateral treaties. There is a risk that protectionist pressure could build up in the US.

International trade

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In America's fiery furnace

Article Abstract:

US steel companies have delayed consolidation and duplicate resources ina wasteful way, due to long-term protectionism. Steel companies are pressing for further protection from imports from former Soviet countries and Asia. Threats of trade sanctions would hit imports, and prices may be raised whether or not the companies involved are involved in dumping. Mini-mills represent a threat to large steel companies, as does globalization, and customers may also exert pressure.

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Meltdown

Article Abstract:

Problems facing US steel companies and the impact of protection on the industry are examined in detail.

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