EU Takes Aim at Turkish Steel Sector Buckling Under Trump Tariffs
The European Commission's move to extend its steel import restrictions threatens to force Turkish mills, already buckling under the weight of U.S. tariffs, to cut production further or in some cases close down, sources said.The Commission said on Wednesday it will extend and beef up its existing "safeguard" steel import caps until July 2021 to counter concerns that European Union markets are being flooded with steel no longer being exported to the United States.For Turkey's vast steel sector, the fourth largest contributor to the country's economy, the caps could prove particularly painful as the EU has given it additional "country-specific" quotas.Under the safeguards…
Port of Houston Sets Revenue Record in 2001
The Port of Houston Authority posted record operating revenues in 2001, driven by the highest-ever volumes of containerized cargo, a surge in intermodal rail activity, strong auto imports and growth among key customers. Operating revenues increased to a record $107.2 million from $106.6 million in 2000. Operating income for the year was $18.6 million compared to $23.0 million in 2000. Port serves in the Houston region," said Port Authority Chairman James T. Edmonds. Operating income dipped below the previous year primarily because of a decline in steel imports as a result of heightened steel import restrictions. Steel imports have been impacted by new trade regulations and as a result, Port of Houston steel imports are down 29 percent.
Port of Houston: Steel Imports Plummet
The Port of Houston Authority posted its slowest start in operating revenues since 1999 during the first three months of 2002. Operating revenues through March 31, 2002, decreased slightly to $25.3 million from $25.5 million in the same period in 2001. Operating income for the year was $4.1 million compared to $5.1 million in the first three months of 2001. Compared with the first three months of 2001, steel imports dropped 10 percent in reaction to new steel import restrictions imposed in March. "The decrease in import steel has had a negative effect on Port revenues," said Port Authority Chairman James T. Edmonds. Steel imports have been affected by new trade regulations, including U.S. tariff increases of up to 30 percent imposed on a range of steel imports.
