BUSINESS NEWS | Thu Jun 8, 2017 | 1:04pm EDT

Wilbur Ross sees 'genuine' national security concern on steel

By David Lawder | WASHINGTON

U.S. Commerce Secretary Wilbur Ross said on Thursday that a national security review of the U.S. steel industry will be completed "very shortly" and will seek to protect the interests of both domestic steel producers and consumers.

Ross told a Senate Appropriations subcommittee hearing that he believes there is "a genuine national security issue that must be considered in this case," the second major signal in two days that the Trump administration is preparing new steel import restrictions.

In a speech in Cincinnati on Wednesday, Trump said: "Wait until you see what I'm going to do for steel and for your steel companies. We're going to stop the dumping, and stop all of these wonderful other countries from coming in and killing our companies and our workers. You'll be seeing that very soon."

The steel review under a Cold War-era trade law would result in a "thoughtful" set of recommendations for Trump to consider for action, Ross said. He has previously said he expected to complete the study by the end of June.

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