International Trade and Export Policies in the Ferrous Scrap Market

The United States is the world's largest producer, consumer, and exporter of ferrous scrap, one of the principal raw materials used in steelmaking. Scrap is traded internationally in a market dominated by the world's major steel producers, the United States, Japan, and the countries of Western Europe. In response to a congressional request, GAO examined the interaction of U.S. domestic and overseas scrap markets and the export policies of the United States and other scrap producing and consuming nations.