WASHINGTON Steel imports plummet for third quarter

WASHINGTON (AP) -- American companies imported 5.1 million metric tons of steel during the third quarter of 2003, far less than during the same period last year, according to U.S. Commerce Department preliminary data released Tuesday.
Preliminary year-to-date totals, through September, show a similar drop in steel imports compared to 2002.
The drop indicates the Bush administration tariffs on imported steel, imposed in March 2002, have stanched foreign competition for domestic steel producers as intended.
U.S. businesses imported 5.1 million tons of steel, valued at $2.5 billion, in the third quarter. A year ago, domestic companies bought 8.2 million tons of foreign-made steel during the quarter, valued at $3.2 billion, the Commerce data show. The data represent a 38 percent drop in tonnage and a 22 percent drop in dollar value over last year.
For the year
So far this year, the United States has imported 15.9 million tons of steel, worth an estimated $7.8 billion, compared with 21.7 million tons imported through September 2002, valued at $8.7 billion.
Bush is weighing whether to keep the tariffs, due to expire in March 2005, in place as he gears up for re-election in 2004. Steel-consuming companies that oppose them say the tariffs have contributed to 2.7 million lost manufacturing jobs since July 2000.