As market participants in China took a break for the Chinese New Year holidays, the US became the focal point for global steel markets. The scale and breadth of Section 232 proposed recommendations, made public this month, are far more drastic than anticipated. The US had a steel trade deficit of US$17.6 billion last year – prompting 232. But we do not think the suggested measures would be beneficial for the US steel industry. Our view is widely shared. The American Institute for International Steel issued a statement saying they think the proposed measures will have a negative impact and the International Rebar Exporters and Producers Association believes they would "devastate" end-users in the US.