Senators call on Obama administration to address steel industry issues

A majority of the Senate Finance Committee on Monday called on the Obama administration to address excess steel imports coming into the United States and the violation of trade rules.

Led by Chairman Orrin HatchOrrin Grant HatchOrrin Hatch Foundation seeking million in taxpayer money to fund new center in his honor Mitch McConnell has shown the nation his version of power grab Overnight Health Care — Presented by PCMA — Utah Senate votes to scale back Medicaid expansion | Virginia abortion bill reignites debate | Grassley invites drug execs to testify | Conservative groups push back on e-cig crackdown MORE (R-Utah) and ranking member Ron WydenRonald (Ron) Lee WydenHigh stakes as Trump, Dems open drug price talks Dem lawmaker: 'Trump's presidency is the real national emergency' Dems introduce bill to take gender-specific terms out of tax code to make it LGBT-inclusive MORE (D-Ore.), the panel sent a letter to U.S. Trade Representative Michael FromanMichael B.G. FromanUS trade rep spent nearly M to furnish offices: report Overnight Finance: Trump hits China on currency manipulation, countering Treasury | Trump taps two for Fed board | Tax deadline revives fight over GOP overhaul | Justices set to hear online sales tax case Froman joins Mastercard to oversee global business expansion MORE and Commerce Secretary Penny PritzkerPenny Sue PritzkerMichelle Obama officiated Chicago wedding: report Election Countdown: Trump plans ambitious travel schedule for midterms | Republicans blast strategy for keeping House | Poll shows Menendez race tightening | Cook Report shifts Duncan Hunter's seat after indictment Former Obama officials launch advocacy group aimed at Trump's foreign policy MORE urging them to address global over-capacities in steel, aluminum and other commodities to ensure that U.S. trading partners are abiding by global rules, including the recently customs law passed earlier this year. 

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The senators wrote that overcapacities "are significantly impacting global production, consumption and trade flows of those products." 

"Much of this global over-capacity stems from foreign government subsidies and other market-distorting policies that are creating challenges for companies and workers across the United States and abroad," they said. 

The letter comes ahead of a Tuesday hearing with Froman and Pritzker and Ohio Sens. Rob PortmanRobert (Rob) Jones PortmanSteel lobby's PR blitz can't paper over damaging effects of tariffs Trade official warns senators of obstacles to quick China deal Lawmakers divided over how to end shutdowns for good MORE (R) and Sherrod BrownSherrod Campbell BrownHigh stakes as Trump, Dems open drug price talks Pollster says current 2020 surveys like picking best picture Oscar before movies come out Shep Smith: Signing funding bill is a 'loss' for Trump no matter how it's packaged MORE (D) who are slated to testify over two days before at the International Trade Commission on the status of the global steel industry and the effect on the U.S. industry.

The Organization for Economic Cooperation and Development (OECD) has reported that global crude steelmaking capacity more than doubled between 2000 and 2014, with growth led by China.  

Meanwhile, global demand for steel, including U.S. and Chinese demand, has decreased.  

As a result, significant increases in exports of Chinese steel have entered global markets, including the United States, hitting the U.S. industry.

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