An estimated 100,000-plus American steel and related jobs were supported by the record quantity of steel exports last year. AIIS leaders issued a challenge to domestic mills to commit to partner with US steel traders to reach a 10 percent export goal, which the group believes will help stimulate the US economy, increase productivity, and maintain jobs in the industry.
John Foster, COO of Coutinho & Ferrostaal Incorporated, one of the world's largest steel trading companies, said at the briefing, "Steel producers in the US obviously benefit by making a sale they would otherwise not have made. Our customers in the destination country benefit from high-quality US-made steel delivered on a timely basis and the US steel producer again benefits from having some of its production taken out of the domestic supply."
"In essence, exporting is a way of managing domestic supply without laying off workers or reducing capacity and helps support higher levels of capacity utilization with all the related benefits," Foster added.
Domestic steel mill product exports have more than doubled since 2002, and while the US steel market will, in 2009, be dealing with the global economic turmoil, Foster and AIIS remain confident that they can promote growth through exports and help increase the global competitiveness of the domestic steel industry.
Foster explained how the American steel export strategy is a good opportunity, primarily when currency and price considerations are positive for the business involved. "We are dedicated to developing transparent, mutually beneficial relationships with our domestic partners and bringing the right customers to the table to support the US steel industry in good times and bad," Foster concluded.