U.S. Steel, ISG hail SIMA extension

United States Steel Corp. (U.S. Steel) and International Steel Group (ISG) welcomed the news that the Steel Import Monitoring and Analysis (SIMA) system will be extended and soon expanded to cover a wider range of steel products through 2009.

U.S. Steel President and CEO John P. Surma said, "This news reflects the fact that President Bush, Commerce Secretary Gutierrez, and the Congressional Steel Caucus all recognize the important role this program has played in restoring confidence and stability to the U.S. steel market. We are especially pleased that Secretary Gutierrez will make extension of this program one of his first official acts.

"Markets work best when information is available, accurate, and timely. The Steel Import Monitoring and Analysis system helps U.S. steel producers, service centers, and consumers plan and efficiently manage their businesses. This system informs steel buyers and sellers— both importers and exporters—of major steel market trends in a timely manner," said Surma.

Wilbur L. Ross, ISG chairman said, "I applaud the decision by the Administration to extend the steel licensing program for four more years. While this will have no near-term effect on steel prices, it will assure that the Administration receives timely information for considering future situations."

The Steel Import Monitoring and Analysis system originally was implemented by the Bush Administration to facilitate administration of the Section 201 tariffs imposed—and later lifted—by President Bush. Other nations, including Canada, European Union and China, utilize similar data collection systems to monitor or license trade in their respective steel sectors.