The waiting is the hardest part for US steel markets

The American steel industry is desperately in need of relief, but it’s not what you think. We have heard a lot about the possibility of import restrictions stemming from the government’s ongoing Section 232 investigation — that is the big issue. But the smaller, more pressing matter right now is the announcement of that relief, or lack thereof. American steel markets are seemingly at a standstill because Commerce Secretary Wilbur Ross has suggested on several occasions that while his department has 270 days to make a 232 steel import recommendation to President Trump, it would come much earlier. The investigation to determine whether steel imports are impacting America’s national security is less than 70 days old. But some thought a recommendation would come as early as last week. Now they believe it will be on the president’s desk before the Fourth of July holiday and domestic mills could be celebrating not only their freedom from the British, but from unfairly traded steel as well. President Trump himself has suggested relatively quick action that should please the industry, further fanning the fires of anticipation. Meanwhile, steel buyers are hesitating to buy and sellers are hesitating to sell. If the Commerce Department

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Source: CTRM Center

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