US Department of Commerce extends steel import monitoring system
The US Department of Commerce released a notice yesterday announcing that it would extend the current Steel Import Monitoring and Analysis (SIMA) system upon pleas from lawmakers and the steel industry.
SIMA was established in 2003 as a part of the Bush Administration's steel safeguard measures in 2002. The tariffs ended in December 2003, and SIMA was set to expire on March 20, 2005.
In line with the notice released by the DOC, SIMA is extended until March 2009. In addition, the scope of SIMA has been expanded. Previously SIMA covered only steel products named in the 2003 tariffs, but now it will cover more than 30 additional steel mill products. Included among the newly covered products are
wire rod, heavy structural
beams, oil country
tubular goods (OCTG) and
stainless steel sheet and strip.
The steel industry reportedly welcomed the decision with the expectation that the extension of SIMA will prevent unfairly traded imports.