The United States Specialty Steel Industry

Part I of this note briefly describes the problems of the specialty steel industry and traces the attempts to deal with those problems from 1968 through the imposition of the relief measures which spawned the current negotiations. After discussing the trade history of the specialty steel industry, the note examines the effectiveness of two domestic import relief statutes through which the government has attempted to assist the industry. The note then analyzes U.S. attempts to aid the specialty steel industry through measures which violate the fundamental principles of the GATT system. The note concludes that since the GATT system cannot effectively handle the problems of the specialty steel industry, the U.S. should lobby for the formation of a new international system to govern the specialty steel industry similar to that within which the textile industry now operates.