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North American Steel Industry Celebrates USMCA

Steel News - Published on Mon, 06 Jul 2020

Image Source: Grains
North American steel industry last week celebrated the entry into force of the United States-Mexico-Canada Agreement, a critical milestone for the North American steel sector, its workers, and its supply chains. The USMCA establishes a strong foundation for mutually beneficial trade in North America. The USMCA will strengthen the competitiveness of all three trading partners while enhancing the development of North America’s globally competitive advanced manufacturing sector, particularly for North American steel producers.

The USMCA benefits North American steelmakers and the entire sector by further strengthening our existing integrated supply chains in the region and by improving on the terms of the original North American Free Trade Agreement. This is accomplished through the coming into force of strengthened rules of origin and enhanced regional value content requirements.

The Agreement also includes important provisions to promote increased cooperation, transparency and information sharing between the three North American governments to address steel circumvention and evasion of trade remedy orders. This increased cooperation strengthens our industry’s competitiveness in the face of the continuing challenges to the industry from global steel excess capacity and weakening demand, especially as the industry works to recover from the COVID-19 pandemic.

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Posted By : Nishith Sharma on Mon, 06 Jul 2020
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