You mean primarily with the heavily subsidized Spanish, South Korean an Chinese mills. The Chinese mills have been primarily sucked into taking care of their huge internal demands, snarfing up most of our own scrap steel market...(shades of Imperial Japan prior to WW-II)...but once the infrastructural demands wane...then we will be seeing problems.
The Steel tariffs we ran in 2002-03 by GWB to counter the dumping of the foreigners managed to salvage our integrated mills. We still have steel. At the time, we likely would have lost all residual steel capacity. If your family is hurting now, think what it would have been...and be like now... but for those emergency tariffs.
The Euros, united against us in currency, produced 166 million tons of steel in 2005 while their own demand only grew %2.
In 2005, 95 million tons (down 3 million tons since '98) of steel came out of the U.S.A. while our consumption
grew %9.
My family in Ohio and PA are fine, but the steel industry and its prospects to receive foreign investment isn't as high as the Euros. The Unions have crippled the steels industry and almost every other industry so that we can't rely on foreign investment to make things as efficient as possible so that we can continue to build other markets more efficiently.
The fact is, all it takes is motions to work in a steel mill and we could have done the process more efficiently without unions and trade regulations getting in the way. These trade regulations are basically government subsidies which interfere with competition and make the cost of doing business in this country more.
If we allowed competetion and guest workers (2 million of the 6 million steel workers of this country would be Mexican) American steel would still be a hub for investment for many years to come.