Steel imports: a case of differential market penetration.
Council of Economics AIME :139-146
The growth of imported steel products in the U.S. market since 1957 is examined. A strong pattern of product-by-product market invasion is demonstrated. Domestic producers of products subjected to concentrated competition from imports are shown to have suffered much larger losses of market shares than the industry as an aggregate, and these differential losses of market occurred earlier in time. It is pointed out that the economic and social impacts of steel product imports are experienced at the plant level, where the loss of production occurs. Only aggregate statistics are available, however. Need exists for better input of economic information from plants and for a better understanding of how to relate plant and aggregate data to national statistics for policymaking. Better timing of action and more effective remedies should result.
Council of Economics, AIME