Specifically, the legislation would force all importers of steel to notify the U.S. Commerce Department of their intention to import the steel, from which country the steel is being imported, how much they are paying for it, and other proprietary information.
The Commerce Department would then need to provide permission for the transaction to occur. Steel industry proponents say the legislation is necessary because it will help stop foreign countries from selling their products in the U.S. market at prices lower than it cost to produce them.
At the same time, the U.S. steel industry is aggressively pursuing antidumping charges against such countries as Russia, Japan, and South Korea, for supposedly dumping their steel in the U.S. market.
Now, the U.S. Senate is taking up the issue. Steel industry proponents are attempting to vote on the House legislation. However, opponents have begun to filibuster the measure. This means that in order to end debate on the issue, 60 Senators must vote to evoke "cloture," which would officially end debate and force a vote.
While Republicans are pushing the measure, the White House has threatened to veto the legislation. Moreover, there appears to be a growing understanding in the Senate that the U.S. already has done enough for the steel industry. Some policymakers point out, for example, that the Senate recently passed legislation that would provide some $1 billion in loan guarantees for the U.S. steel industry.
In the meantime, the Clinton Administration will pursue antidumping investigations against countries like Japan while showing no inclination to impose import quotas.
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