In the late 1990s, when a financial crisis hit most of Asia, steel demand fell dramatically throughout the Asian market. Rather than reduce production, foreign steelmakers that had been supplying Asia dumped their excess steel in the United States, driving domestic prices down below cost.

Could history repeat itself? Early data suggests that imports of key steel products are rising. As the world enters a global recession, China is now poised to unload ever greater quantities of steel into the U.S. market, with the same potentially disastrous consequences.

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