US steelmaker urges policy makers to keep curbs on imports

But the long-term health of the US industry depends on avoiding a surge of imports, which have driven the downside of past boom-and-bust cycles for steelmakers said Mark Millett, the chief executive of the fourth-largest United States steelmaker, Steel Dynamics Inc., (Workers unload bar-in-coil steel from a ship in the dockyard at the Port of Detroit in Detroit, Michigan, U.S., on Monday, Sept. 27, 2021.(File pic)

NEW YORK: Steel prices, driven to nosebleed highs by surging demand, should start to “erode” by the first part of next year as Covid-related supply bottlenecks ease and new domestic production comes online, said Mark Millett, the chief executive of the fourth-largest United States steelmaker, Steel Dynamics Inc.

But the long-term health of the US industry depends on avoiding a surge of imports, which have driven the downside of past boom-and-bust cycles for steelmakers, he added.