STATEMENT OF HIROSHI SAITO, CHAIRMAN, JAPAN IRON AND STEEL FEDERATION, AND CHAIRMAN, NIPPON STEEL CORP.
NEW YORK, July 27 /PRNewswire/ -- Hiroshi Saito, chairman, Japan Iron and Steel Federation, and chairman, Nippon Steel Corp., issued the following statement: We regret the final ruling issued by the International Trade Commission today that Japanese steelmakers' exports to the U.S. of corrosion-resistant sheet products are "injurious." This decision is beyond the understanding of Japanese steel mills who have been exporting this product based on the same marketing policy as we have for hot rolled and cold rolled sheet. This ruling rejects out of hand the strong case we have presented in all aspects. Though detailed information on the rationale for this decision is not yet available, it must be pointed out once again that the Japanese steelmakers have been specializing in the export of coated steel sheet which U.S. domestic mills found difficult to supply in terms of both quality and quantity. Moreover, Japanese exports of these products have been maintained at relatively higher price levels than those of the domestic U.S. market. Japanese steel mills have been continuing efforts to hold the quantity of their export shipments in line with the realities of the U.S. steel market during the period of the Voluntary Restraint Arrangement (VRA) as well as in the post-VRA period. Viewed in the light of these facts, we are convinced that Japanese corrosion-resistant steel exports cause no injury to American steel mills. It is unfortunate that American users who have depended for some time on the constant supply of these higher quality Japanese steel products will be substantially harmed as a result of the ITC ruling. This, in our view, will lead to a weakening of the competitiveness of U.S. industry. We are concerned that the way remedies are being sought under existing U.S. trade laws will pose a major obstacle to an early settlement of the Multilateral Steel Agreement among all governments concerned as a way toward building a new world steel trade discipline. -0- 7/27/93 /NOTE: U.S. contact for further comments: Yoshitaki Fujitani, chairman, Japan Steel Information Center Advisory Committee and president, NKK America Inc., 212-826-6250/ /CONTACT: C. Butler for the Japan Steel Information Center, 212-687-2481/
CO: Japan Iron and Steel Federation ST: New York IN: MNG SU:
DC-MH -- DC022 -- 6267 07/27/93 13:12 EDT
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|Date:||Jul 27, 1993|
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