Quotas on specialty steel products would be the most effective way to deal with the current pervasive surge in unfairly traded imports, Carpenter Technology Corporation has said. “Quotas have been implemented in previous Section 201 cases, and we think they’re appropriate in this case as well,” said William J. Pendleton, Carpenter’s director of corporate affairs. “We need a comprehensive global remedy at this time.” President Bush could establish quotas on steel imports as part of the Multilateral Initiative on Steel, designed to restore market forces to the world steel industry and eliminate the practices that harm the domestic industry and its workers. As part of the president’s initiative, US trade representative Robert B. Zoellick formally asked the International Trade Commission Friday to investigate the effect of steel imports on the US steel industry. Stainless bar, rod and wire, as well as stainless semi-finished steel and alloy tool steel, will be included in the investigation, which will be undertaken under Section 201 of the 1974 Trade Act. Stainless bar, rod and wire are key products for Carpenter; stainless sales represent nearly half of Carpenter’s sales revenues.
