Honk twice if US steel tags are too high

Nov 17, 2006 | 04:44 PM | Rory Carroll

The domestic steel industry no longer needs protection from imports, leaders of the Big Three automakers—General Motors Corp., Detroit, DaimlerChrysler Corp., Auburn Hills, Mich., and Ford Motor Co., Dearborn, Mich.—said in a meeting with President Bush last week.

"We told the President that as a result of massive consolidation, robust global demand, sharply lower costs and import protection, the domestic steel industry has completely restructured, recovered and is very profitable," the automakers said in a joint statement following the meeting. "Unfortunately, the continued protection of domestic steelmakers from competition is placing a heavy cost burden on U.S. manufacturing. As a result, our companies face higher costs for steel and supply disruptions."

The administration was asked to recognize that the continued protection of steel from competition is severely harming U.S. manufacturing and is no longer needed.....

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