This is good info, before we started penalizing Chinese steel in 2016, on how these unfair trade practices persists. There is much more at the link.
Surging Steel Imports Put Up To Half a Million U.S. Jobs at Risk – Economic Policy Institute, 2014/05/13
The U.S. steel industry is facing its worst import crisis in more than a decade. In the aftermath of the Great Recession, steelmakers in other countries, backed by aggressive government support, continued to add production capacity as demand stagnated. The open and large U.S. market became the prime target for the massive excess supply stemming from this excess capacity, and, since 2011, U.S. steel imports have surged and import unit values have plummeted.
Surging imports of unfairly traded steel are threatening U.S. steel production, which supports more than a half million U.S. jobs across every state of the nation. The import surge has depressed domestic steel production and revenues, leading to sharp declines in net income in the U.S. steel industry over the past two years (2012–2013), layoffs for thousands of workers, and reduced wages for many more.
So what I am understanding is that the Chinese (primarily, and probably a couple of other countries) is trying to undercut the market, wipe out international competition, and increase their world market share. They are flooding the steel market with excess supply which lowers prices. Many of these Chinese steel producers are owned or controlled by the government, and received government subsidies. So they have they money of the entire national at their disposal to flood the market.
So what I am seeing with these tariffs are protection and support for the steel producers in the country. While at the same time, there will be some pain for those on the back end, who purchase the steel to make their products. Hopefully the pain will be for the short term.
U.S. Steel follows tariff promise with plans to restart Illinois furnace – Pittsbugh Post Gazette, 2018/03/07
U.S. Steel announced Wednesday that it will restart one of two blast furnaces and the steelmaking facilities at its Granite City Works in Illinois, recalling about 500 employees.
The mill restart comes on the heels of President Donald J. Trump’s announcement that he would seeking tariffs of 25 percent on imported steel and 10 percent on aluminum. Getting the mill running again could take up to four months, the company said.