Brazilian steel industry expects Biden to review steel quotas
The Brazilian steel industry expects US President Joe Biden to review existing steel quotas imposed on Brazilian exports of finished steel products, a media report by Valor said.
The industry’s expectation for relaxed restrictions comes as Biden plans to invest $2.3 trillion in infrastructure projects in the US.
Marco Lopes, president at Brazilian steel association, IABr, said steel is a key product to meet Biden’s infrastructure investment projects, and US mills can’t supply all the materials.
Lopes said the US industry will, indeed, need to import large quantities of finished steel products. Currently.
Brazil exports about $2.3 billion per year in finished steel products to the US.
Brazilian steelmakers could eventually benefit from a growing US demand for finished steel products,
Brazil imports about $1 billion of metallurgical coal per year to produce its own steel. And if Brazil produced more steel to export to the US, it would require or import more metallurgical coal from the North American countries.