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[United States]
Posted on : Jun 30, 2008

Scrap Recycling Industry Says
There is No Export Crisis, But Supports Efforts to Remove Global Trade Barriers
ISRI President Robin Wiener said today she is pleased to see that the American
Scrap Coalition has joined the "bandwagon" in support of the free and fair
global trade of scrap, but seriously questions the coalition's underlying
premise that steel scrap processing and consuming industries are facing a "steel
scrap export crisis."

"Rather than a crisis, both the steel industry and the scrap industry are
enjoying extraordinarily strong export markets due to the quick pace of global
infrastructure development," Wiener stated. "In fact, finished steel exports
alone have increased 81.5 percent since 2001."

"Scrap and finished steel are globally traded commodities. Efforts to
artificially restrict that trade can have negative repercussions that are felt
around the world. One effect that economists have noted is the potential for
control reversal, where the implementation of export controls actually results
in the opposite impact of what was intended to be achieved," Wiener stated.
"That is why we have long taken an active position in support of free and fair
markets by advocating for the removal of export controls around the world. As
late as last month, ISRI attended meetings where we raised the issue of the need
for free and fair trade practices between countries and continents."


"The price of scrap metal is only one of many components that factor into the
overall price of finished steel," stated ISRI Director of Commodities Bob Garino.
"Higher steel prices are generally being driven by two major factors: higher
global demand, primarily from emerging markets like Brazil, Russia, India and
China, along with the Middle East, and the dramatic increase in the cost of raw
materials. Since 2003, iron ore has risen 337%, while coking coal has risen
491%. While scrap auto bundles have gone up significantly during this same
period (249%), it has been less than these other major raw materials."

Open and fair markets contribute to the healthy state of steel production, as
well as the scrap recycling industry. Exports of finished steel products are at
record levels, while imports are struggling due to the weak dollar. Steel mills
have been operating near capacity for the last two years. In addition, higher
prices for scrap metal have resulted in a steadily increasing supply of obsolete
scrap. Recent independent research concluded that there is enough material to
meet domestic manufacturers' demand for recycled materials for the foreseeable
future.

Wiener congratulated American Scrap Coalition President Alan H. Price, who
stated in this morning's American Metal Market that the coalition "will work to
remove trade barriers abroad and not to limit exports from the United States. We
are principally about eliminating barriers that many countries are rapidly
imposing on their own scrap exports, which are distorting the marketplace for
scrap."

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