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Johnstown Corporation, Small Steel Manufacturer Case

Later on, however, growth in the foreign market share did begin to harm the American steel industry as a whole. At that time, it is interesting to note that the American steel industry as a whole did not complain of unfair foreign competition. Only United States Steel lodged such a complaint. The reason for the United States Steel action was that all the foreign gains were made at the expense of that single inefficient steel producer, while the other major American steel producers were able to compete. Even United States Steel did not blame their problems on the wage levels in the American steel industry. Rather, they charged that the foreign producers were dumping their product. Prior to the ascendancy to power of the Reagan Administration, the federal government refused to accede to the United States Steel request for import restrictions on foreign steel. The Carter Administration held that to honor the United States Steel request would be to reward poor management, and to penalize American consumers with higher steel prices. The Reagan Administration, however, supported United States Steel by imposing a wide range of import restrictions on foreign produced steel. United States Steel, in particular, and other American steel producers generally also sought wage roll backs from the United Steel Workers. Neither of these actions was of great assistance to the American steel industry, however, because they did not address the problems of years of failure by the industry to modernize its productive capacity, or the exceptional run-up in the international currency exchange value of the dollar which was a part of Reagan Administration policy during the early-1980s (Steel, 1993, pp. S1-D44).

One consequence of the Reagan Administration action in behalf of the American steel industry is that Japanese steel products have been subjected to trade restraints by the United States government for almost two decades. American steel pro...

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Johnstown Corporation, Small Steel Manufacturer Case. (1969, December 31). In LotsofEssays.com. Retrieved 17:43, December 19, 2014, from http://www.collegetermpapers.com/viewpaper/1303680531.html
 
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