Reposted from Steel Business Briefing
October 22, 2012 | Steel Business Briefing
Nucor CEO Dan DiMicco said in the company’s third quarter earnings call it is “highly likely” that new trade cases will be filed, and though he did not name products or whether Nucor would be involved, he did note Nucor’s culture of being proactive when addressing threats to the company’s business.
DiMicco said Nucor is “exploring some very new and unique ways” of addressing foreign suppliers and trading companies that bring unfairly priced products into the US. Without giving any more details, DiMicco said that in six-to-nine months it will be clear what those measures will be. “There are opportunities for us to deal with this today with tools that are in the toolbox and tools that will be added to the toolbox,” DiMicco said.
DiMicco noted the pace of US steel imports is on track to surpass 2011. Through August 2011, the US imported 17.2m t of carbon and alloy products. In the same eight-month period of 2012, the US has imported 20.1m t of steel products.
The executive said it is “critical” to continue duties on galvanized sheet, rebar and hotrolled sheet, which are subject to pending sunset reviews.
Responding to a question regarding destocking by customers who overbought OCTG, DiMicco said, “I think the bigger problem with the OCTG supply side has been the amount of tons have been shoved into this market from overseas again when the market wasn’t there for it. It wasn’t a question of people having greater expectations as much as it was stuff being dumped into our market, which will be addressed shortly.”