The dollar’s strong appreciation since 1991 and recent global economic turmoil have dramatically intensified the rivalry between domestic and foreign steel producers for U.S. market share. Iron and steel imports reached $21 billion (annual rate) in the first 10 months of 1998, surpassing the total for any previous year. Last year’s 17.6% gain exceeded even the recent strong pace of these imports. Since 1992, U.S. purchases of foreign iron and steel products have increased at a 12.5% average annual clip; in contrast, our iron and steel exports have remained flat.
Suggested citation: "Steel Imports," Federal Reserve Bank of Cleveland, Economic Trends, no. 99-01, pp. 19, 01.01.1999.