Nucor Calls for Reform at the World Trade Organization
Nucor Corporation (NYSE: NUE) commends the Biden Administration's commitment to the domestic steel industry, opposing a WTO panel decision asserting that Section 232 steel import measures violate U.S. commitments. These measures are vital for national security and bolster the American steel supply chain, which has faced challenges from global overcapacity and unfair trade practices. CEO Leon Topalian emphasizes the need for reform in the WTO dispute settlement system, citing it as overreaching and detrimental to U.S. sovereignty.
- Nucor supports the Biden Administration's commitment to the domestic steel industry, potentially enhancing market position.
- Section 232 measures are aimed at protecting national security and strengthening the American steel supply chain.
- WTO's decision may impose challenges for U.S. steel manufacturers, potentially affecting competitive positioning.
CHARLOTTE, N.C., Dec. 9, 2022 /PRNewswire/ -- Nucor Corporation (NYSE: NUE) applauds United States Trade Representative Ambassador Tai, General Counsel Peisch and the entire Biden Administration for their commitment to ensuring the long-term viability of the domestic steel industry and opposition to the recent World Trade Organization (WTO) panel decision.
Nucor fully supports the U.S. government's opposition to the recent WTO panel decision that the Section 232 measures on steel imports violate U.S. WTO commitments. Section 232 measures on steel were implemented to protect the national security of the United States and are helping to strengthen the American steel supply chain after being hollowed out by years of global excess capacity and unfair trade.
For years, the U.S. government has recognized that the WTO dispute settlement system often overreaches in its findings and infringes on U.S. sovereignty. The WTO system has allowed non-market economies like China and other countries to exploit the global trading order by building massive, high-polluting excess capacity at the expense of market-based manufacturers around the world. It is time to fundamentally rethink the global trading system to ensure that it is based on fair trade and environmentally friendly production processes.
"The WTO's recent decision is one more example of overreaching and further undermines the legitimacy of the WTO dispute settlement system. Reform of this broken system is long overdue," said Leon Topalian, Chair, President and Chief Executive Officer of Nucor Corporation.
About Nucor
Nucor and its affiliates are manufacturers of steel and steel products, with operating facilities in the United States, Canada and Mexico. Products produced include: carbon and alloy steel -- in bars, beams, sheet and plate; hollow structural section tubing; electrical conduit; steel racking; steel piling; steel joists and joist girders; steel deck; fabricated concrete reinforcing steel; cold finished steel; precision castings; steel fasteners; metal building systems; insulated metal panels; overhead doors; steel grating; and wire and wire mesh. Nucor, through The David J. Joseph Company, also brokers ferrous and nonferrous metals, pig iron and hot briquetted iron / direct reduced iron; supplies ferro-alloys; and processes ferrous and nonferrous scrap. Nucor is North America's largest recycler.
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SOURCE Nucor Corporation
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