AMERICA CAN'T POSSIBLY COMPETE against the evil Chinese because they hold such an insurmountable labor advantage and have no scruples when it comes to fair trade. So goes the prevailing view among many in metals. So it was comforting, at two recent conferences, when U.S. mill execs offered a glimpse of the Chinese boogeyman in steel's closet. Addressing MSCI's Carbon Conference last month in Arizona, John Surma, chief executive at U.S. Steel Corp., noted that Chinese steel production exploded from 150 million tons in 2000 to 350 million tons last year. Huge inflation in the cost of steel raw materials has leveled the playing field for global competitors, however. "Many of you may think that China is a place with low cost, but I will try to debunk that theory," he said.
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