The Domestic Steel Industry
President Bush’s December decision to eliminate the Section 201 steel tariffs on various carbon and alloy steel products refocused national interest on the domestic steel industry. Over the past three years, more than 30 U.S. steel companies have filed for bankruptcy and many more have consolidated significantly. Steel production directly affects the economy of our region, which is home to the nation’s three largest integrated domestic steel producers: ISG (the former LTV Steel Corporation), U.S. Steel, and AK Steel. Within the U.S., nine states derived more than $5 billion of gross state product from the primary metal and fabricated metal industries in 2001. Two of the nine, Ohio and Pennsylvania, fall within the Fourth Federal Reserve District, with significant earnings from these industries concentrated in northeast Ohio and western Pennsylvania.
Suggested citation: "The Domestic Steel Industry," Federal Reserve Bank of Cleveland, Economic Trends, no. 04-02, pp. 14, 02.01.2004.