U.S. steel exports fall 17.2% in 2015

The recession in Canada and a strong U.S. dollar, which makes American steel much more expensive abroad, hindered U.S. steel exports in 2015.

   The United States exported 9.97 million net tons of steel in 2015, a 17.2 percent decline from the prior year as a result of the recession in Canada and a strong U.S. dollar, the American Institute for International Steel (AIIS) said.
   In 2015, the U.S. exported 4.9 million net tons of steel to Canada, a 23.3 percent year-over-year reduction. About half of U.S. steel exports are typically destined for Canada and this sharp decline accounted for approximately three-fourths of the overall steel export decline in 2015. 
   Steel exports to Mexico totaled 3.83 million net tons in 2015, while steel exports to the European Union reached 327,911 net tons, a year-over-year decrease of 8.1 percent and 2 percent, respectively.
   On a bright note, steel exports in December alone inched up 1.9 percent month-over-month to 725,720 net tons.
   In addition, steel exports may rise in 2016 as a result of the moderate economic growth forecast for Canada and a stronger expansion projected in Mexico, the AIIS Said. However, even if demand does pick up, the exchange rate is making American steel much more expensive abroad.