“The significant downturn in that market is contributing to the excess capacity in those markets in which we do compete and to the overall steel market,” Newport said.
Contracts for price per barrel of oil sold for approximately $30 Monday using the West Texas Intermediate benchmark, down $15 from a year ago, according to the U.S. Energy Information Administration.
Meanwhile, worldwide steel production grew about 46 percent from 2005 to 1.8 billion tons in 2014, according to the American Iron and Steel Institute.
During that time, steel imports into the U.S. market rose from 32.1 million net tons in 2005 to 44.3 million in 2014, an increase of 38 percent.
However, last year, finished steel imports to the U.S. declined 7 percent to about 31.4 million net tons from record 2014 levels, according to the steel institute.
“While import levels have indeed begun to decline from many of those countries where preliminary duties are being levied, we still face significant ongoing import pressures,” Newport said.
AK Steel makes carbon, stainless and electrical steel products. Approximately 2,400 full-time workers are employed by AK in Butler County between headquarter operations and the Middletown Works steel plant. Facilities in Ohio, Kentucky, Indiana, Pennsylvania, Michigan and West Virginia produce steels used by the automotive, appliance, construction and manufacturing markets.
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