Steel Imports Fall in December, Rise in Year

The volume of U.S. steel imports tumbled 31% in December, as Japan and Russia curtailed shipments under the threat of punitive tariffs, preliminary figures by the Commerce Department showed. Despite the one-month drop, steel imports for the full year were up 32% from 1997. The department’s release of the steel trade data was part of a government effort to address complaints by U.S. steelmakers and workers about a flood of cheap imports, which have driven down domestic prices, depleting profits of U.S. steelmakers and forcing them to fire thousands of workers. Imports from Russia plunged 79.7% and shipments from Japan fell 28.8%.