Imports of steel to the United States increased 24.7 percent compared with the previous month, while first quarter imports were up 18.7 percent year-over-year, according to recent data from the American Institute for International Steel (AIIS).
U.S. steel imports in March 2017 rose 24.7 percent to 3.4 million net tons compared with the previous month and 30.5 percent compared with the same 2016 period, according to recent data from the American Institute for International Steel (AIIS).
Through the first quarter, imports were up 18.7 percent year-over-year to 8.93 million net tons. Imports from Canada lead the first-quarter increase, rising 13 percent year-over year to 1.6 million net tons. Brazil followed with 1.16 million net tons, a 30 percent jump from the first quarter of 2016. The European Union, South Korea and Mexico rounded out the the top five importers to the U.S. with 907,000 net tons (up 9.1 percent), 890,000 net tons (up 0.8 percent) and 826,000 net tons (up 18.6 percent), respectively.
According to AIIS, semifinished imports in March totaled 879,000 net tons, a 75 percent increase compared with March 2016.
“Economic growth in the first quarter was just 0.7 percent, according to the Bureau of Economic analysis, but the sharp increase in steel purchases indicates that companies are investing and building, something that may be reflected in gross domestic product calculations in the next quarter or two,” said AIIS. “This is also a reminder that restricting imports, and, for that matter, weakening the dollar – two things that President Donald Trump has indicated he would like to do – could stall the move toward sustained economic growth before it gets started.”
AIIS: U.S. steel imports surge in March
