China is the Key Steel Wire Supplier to the U.S.
China was the main supplier of steel wire into the U.S., with a 26% share of total U.S. imports in 2014. However, the fastest growing suppliers were Mexico (+4.7% per year) and Japan (+2.6% per year) in total imports from 2007 to 2014.
In 2014, the main destinations of U.S. steel wire exports were Canada (38%) and Mexico (26%). The share exported to Mexico increased (+7 percentage points), while the share sent to Canada illustrated negative dynamics (-3 percentage points). The shares of the other countries remained relatively stable throughout the analyzed period.
The technology utilized by U.S. steel mills these days is highly sophisticated. Computers play a critical role in almost every step of the manufacturing process, from production scheduling to machinery control to metallurgical analysis.
The steel industry has significantly benefited from a country-wide demand in the automotive, construction and petrochemicals sectors. It has also been uplifted by investments made in high-tech equipment, and in training those responsible for overseeing it.
Facing international competition, the U.S. steel industry continues to modernize its production processes and consolidate businesses to boost productivity. However, despite successful efforts to reduce costs and an improving competitive position, steel manufacturing companies are still up against fierce competition.
The situation on the U.S. steel market is currently complicated by overseas manufacturers, whose low costs of production have enabled them to sell their products at cheaper prices, triggering an industry-wide price drop, which, in turn, negatively affects the margins of U.S. steel makers.
China, for example, has built up a massive excess steel capacity, and poses a serious threat to the U.S. steel industry. To compound this, China's move to devaluate its currency has provoked even greater fears. U.S. steel makers, meanwhile, actively lobby Congress to enforce new trade laws to secure a solid future for the American steel industry.
Source: IndexBox AI Platform
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