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What is the cause of the American steel industry's deplorable situation today? Troubled in many areas—competition from imports, technology implementation, cost and utilization of raw materials, investment policy, philosophy of management, and union attitudes, to name only a few—can the industry survive? These are the questions Dr. Kiers confronts in this book. Unless answers can be found, he warns, the result will be further decline and, finally, bankruptcy or nationalization. Unwilling to accept either possibility, Dr. Kiers challenges the steel industry to achieve a rebirth he sees as feasible only through a hard-nosed, realistic approach, an insistence on innovation, and a willingness to apply discipline to every facet of steel making. Dr. Kiers presents an in-depth analysis of Japan's steel industry, compares it with the U.S. industry, and discusses U.S. technology and import problems with reference to Japan. He then inventories the factors responsible for the current problems and lays the groundwork for a new start, going on to point out that the difficulties faced by the steel industry may be a portent of what will happen to other industries unless they, too, reassess both labor and management attitudes and make radical changes.
This paper reviews the decline in the U.S. steel industry during the past three decades and relates this decline to changes in the industry`s international competitive position. The paper also provides a review of trade policy in the area of steel since the late 1960s, and concludes that the decline in the U.S. steel industry occurred in spite of some form of protection against imports almost continuously since 1969. The paper concludes by contrasting the decline in the importance of the integrated U.S. firms with the emergence of a new, highly competitive class of U.S. steel producers, known as quot;mini-millsquot.
Recently, the United States International Trade Commission conducted a Section 201 or "escape clause" hearing to determine whether imports have been the most significant cause of injury to the U.S. steel industry. This paper suggests a methodology for conducting the necessary analysis for such determinations, and applies it to the case of the steel industry. First, a reduced-form equation for steel industry employment is derived and estimated. The equation specifies industry employment as a function of the price of imported steel, the price of energy, the price of iron ore, a time trend, real income and (in one variant) the wage rate in the steel industry. The estimated coefficients are used to perform counter factual simulations, which allow us to attribute changes in industry employment to their proximate causes. The analysis reveals that for the period from 1976 to 1983, a secular shift away from employment in the steel industry has been the most important cause of injury. For the shorter period from 1979 to 1983, secular shift and import competition are roughly equal in importance, with the latter being entirely the result of the substantial appreciation of the U.S. dollar during this period