IREPAS, the global association of producers and exporters of long steel products, has issued a statement regarding the US Department of Commerce’s recommendations made as a result of its Section 232 investigation, saying that American steel users will have to face much higher steel prices compared to the other parts of the world, which will certainly devastate many steel-using industries in the US if import remedies come into force.
IREPAS affirmed its belief that free and fair trade is one of the few unambiguously good principles and that it is based on the idea of comparative advantage. Most commodities are freely and fairly traded around the world and this allows resources to flow to their point of best use. Countries and companies that have embraced this message have thrived and prospered, whereas those that have tried to close themselves off from this trend have not. Competition increases efficiency, and serves customers and the public in general. IREPAS concluded its statement by saying that it “always has and always will continue to support free and fair trade in steel”.