DEATH GURGLE FOR AMERICAN'S STEEL INDUSTRY - China's Trade Deficit Staggering

(08/02/2006)

OPINION AND COMMENT By Bob Weaver

With the globalization of most American industries, the American steel industry is facing virtual elimination, according to ISU president Mark Glyptis.

The head of the Independent Steelworkers Union says a report detailing the growth of the Chinese steel industry is a "clear call to the American steel industry, our government and regulatory agencies charged with monitoring the global steel industry."

Even more alarming, is America's trade deficit with China.

Last year the US trade deficit with China grew an alarming 25% to $202 billion, the highest deficit in world history.

Should we mention that "conservative" Republicans in charge of Washington (sometimes with the support of Democrats) have thrust America into the greatest national debt known to mankind.

The US is faced with the loss of millions of US jobs that have been moved to China, a country that thrives on illegal work and trade practices, resulting in horrendous human rights problems.

Not to worry, the US government will not acknowledge such problems.

We're told, over and over, it is good for America, we can't go back.

"The China Syndrome" was prepared by Wiley Rein & Fielding LLP for The American Iron & Steel Institute, The Steel Manufacturers Association, The Committee on Pipe and Tube Imports and The Specialty Steel Industry of North America.

Mark Glyptis says if the Chinese steel industry is being allowed to grow with US government subsidies and government support, in the near future, the end of the American steel industry is near.

He says 'The China Syndrome' should be required reading for Congress and the Bush administration.<


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