During Nucor Corporation's Q2 earnings conference call, President and CEO John Ferriola addressed the state of trade laws, particularly as they relate to oil country tubular goods (OCTG). In his prepared remarks, Ferriola said that the recent filing against OCTG imports from nine countries was just another example of the US' "too little, too late" approach in dealing with imports. The US has a reactionary policy, and instead needs a proactive policy to combat unfair trade.
As for looming trade cases against other products, Ferriola said Nucor is looking carefully at every product being imported, and "there are many that belong in the same category (as OCTG)."
He added that in terms of import arrivals, "we know when the tsunami is coming our way, and it's ridiculous that we don't use that information in a more proactive approach."
Regarding the approximately 10 new potential OCTG projects on horizon in North America, Ferriola said Nucor has contacted "every single one" and "is in discussion with every single one," about Nucor becoming a partner with those mills.
Later in the call, Ferriola commented on the meeting of major US steel executives with US Senators this week, saying "we presented our case very clearly" and the case was well received. While no firm commitments were made, he did note that "the message is being better understood and better received every time we go out and speak with the appropriate people." He said domestic producers are not asking for protection, subsidies, etc., but are instead asking for "nothing more than a level playing field" on which to compete.