AISI Chairman James L. Wainscott discusses challenges and opportunities for US steel sector

Despite the current challenges it faces, the US steel industry is poised for recovery, according to American Iron and Steel Institute (AISI) chairman and president and CEO of AK Steel Corp., James L. Wainscott.

AISI released a press statement detailing Mr. Wainscott's speaking points in his Chairman's Address at the Institutes's annual meeting currently underway in Phoenix, Arizona.

Mr. Wainscott said in his presentation that although he is hopeful that the markets are near the trough of the recession, a full recovery will require improved credit availability, the return of consumer confidence and government policy that will create new jobs, particularly in manufacturing.

AISI said that its member companies agree with Mr. Wainscott that federally funded stimulus projects must use American-made iron steel and other manufactured products, “if they are readily available and competitive.”

Other policy issues addressed by Mr. Wainscott include climate change and trade with China. Mr. Wainscott's and AISI's position is that if any US climate change regulations involving the steel industry must also provide that similar measures be taken by other major steel producing countries such as China.

Regarding trade with China, Mr. Wainscott stated, “Our ability to stay competitive in the world economy means we need fair and strong trade and climate laws that are rigorously enforced. In a market open to imports, such as ours, any legislation that undermines the competitiveness of US mills will encourage steel production to leave this market in favor of markets with lower environmental standards."

Mr. Wainscott also urged US Congress to enact legislation that treats China's currency manipulation as a subsidy under US trade remedy laws.

Concluding his speech on a positive note, Mr. Wainscott said that despite these challenges, he is optimistic for the future of the US steel industry. “My reason for optimism lies in the dynamic spirit of a great workforce, innovative products and an amazing material," he said. "We’ve all been through adverse times before and have emerged stronger.”