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ISRI submitted comments last week urging the government of the Russian Federation not to enact the proposed amendments. ISRI’s comments addressed the potential adverse impacts that can result from artificial intervention in the global marketplace for scrap metals.
ISRI’s comments cited the seminal study done by a former professor at Indiana University in which it was determined that the U.S. steel industry wound up spending more for scrap ferrous following the imposition of export controls in the early 1970s. The study found that as a result of panic in the global marketplace for ferrous scrap resulting from the U.S. imposition of export controls there was a counterintuitive effect that the professor coined “Control Reversal.” ReMA has cited this study a number of times in making the case to governments around the world, when they are contemplating any artificial interference in the global marketplace for recyclables, pointing out the fact that regardless of any domestic benefits sought to be gained there is a very good chance that the ultimate result will be counterintuitive to the intentions of that government.
For more information, contact Scott Horne.