U.S. steel exports slipped to less than 900,000 net tons in February, after being above 1 million net tons last November.
U.S. steel exports slipped to less than 900,000 net tons in February, after being above 1 million net tons last November, according to the American Institute for International Steel.
Steel exports dropped 5.1 percent from January to February to 878,659 net tons. This was 2.8 percent less than the February 2014 total, the trade group added.
For the first two months of the year, exports were down 3.4 percent to 1.8 million net tons. Exports to Canada shrank 12 percent to 887,393 net tons, while exports to Mexico were up more than 8 percent to 688,740 net tons. Exports to the EU have grown sharply, increasing nearly 59 percent to 80,146 net tons.
“Export numbers can be difficult to interpret,” AIIS said. “Certainly, the strong dollar could be a contributing factor to the decrease. Four years ago, the Canadian dollar was worth more than the United States dollar; two years ago, the two were roughly even; one year ago, the United States dollar was worth around 1.10 Canadian; and now, it takes about 1.25 Canadian to buy a United States dollar.
“As long as Canada – along with other countries – fails to arrest its economic decline and falling currency, and as long as oil remains around $50 a barrel or less, steel exports seem unlikely to grow,” AIIS added.
U.S. steel exports continue decline
