Funny how history repeats.

63 pages to read  of a piece of history from 1974. It's  worth reading the whole thing.

https://www.fordlibrarymuseum.gov/library/document/0023/1686379.pdf

a few paragraphs of cut and past below.

"There is a need for federal tax policies which will encourage vital capital investment. Because of the serious national interests involved, the Institute presented its case for tax reform to a luncheon gathering of 119 members of the United States House of Representatives.

Serving as spokesmen were Chairman Cort and Frederick G. Jaicks, chairman of Inland Steel Co., who warned that within the next decade the country would face a steel crisis similar to the present energy crisis if measures were not taken promptly to encourage investment in steel.

Speaking to a luncheon gathering of 119 members of the U.S. House of Representatives, Frederick G. Jaicks, chairman of Inland Steel Company, called for federal tax reforms that would encourage investment In steelmaking facllltles.

The AISI spokesman warned of a steel crisis similar to the energy crisis If capital were lacking to build the additional 25 million tons of raw steel capacity the nation will need by 1980. 

In his message, Mr. Jaicks outlined the following tax policies which will encourage self-help and growth. Retention of the current seven percent investment tax credit, or adoption of an even higher rate.  Liberalization of depreciation to a true capital cost recovery system through a depreciation rate of at least 20 percent a year. 

Adoption of provisions permitting the immediate write-off of all pollution control expenditures. D Continued tax assistance in the discovery and production of vital steelmaking raw materials.  Retention of depletion allowances for domestic iron ore and coal at pre-1969 levels. o Retention of existing foreign tax credit practices. o Repeal of the minimum tax as it applies to corporations.

To back the case for tax reform, we published a thoroughly documented 75-page white paper on "Steel Industry Economics and Federal Income Tax Policy." Over 8,000 copies have been distributed. International Trade The nation's international trade policy continues to be of deep concern to the industry and, hence, high-priority business for the Institute. Spokesmen for the steel Industry are greeted by Rep. Al Ullman (D., Ore.) at House Ways and Means Committee trade hearings. Left to right are Rep. Ullman; C. Wiiiiam Verity, Jr., chairman, Armco Steel Corp.; Roger S. Ahlbrandt, chairman, Allegheny Ludlum Industries; and Stewart S. Cort, chairman, Bethlehem Steel Corp. and AISI. 

Considering the tight supply-demand situation in the world steel market, one would have anticipated a sharp decline in imports in 1973.

Instead imports remained at a relatively high level, totaling more than 15 million tons and creating a negative trade balance for the United States of $1.8 billion

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Threatened Chrome Embargo The Institute has been alarmed by the possibility that Congress might reimpose a total embargo on ferrochrome from Rhodesia.

Such an embargo could add $80 to $200 million in costs to the specialty steel makers and jeopardize the jobs of 65,000 employees. E. F. Andrews, chairman of the lnstitute's Chromium Subcommittee, took the industry's case before the House Committee on Foreign Affairs where he pointed out that there is no substitute for chrome in the production of stainless and heat resistant steels.

Previous sanctions against Rhodesia, it was pointed out, had badly damaged the United States ferrochrome industry.

Mr. Andrews is corporate vice president-materials and services, Allegheny Ludlum Industries. On November 7 the Institute submitted a statement to the Senate Committee on Foreign Relations and the House Committee on Foreign Affairs opposing the reimposition of sanctions against Rhodesia on strategic materials.  

Among the competitors for raw materials, the United States is the largest consumer of all nations . With only 5% -2- to 6% of the world's population, the U. S. now consumes about 27 percent of the world's raw materials .

In 1950 the rest of the world consumed only 58% of the available raw materials. This figure has now risen to 73% . Many countries are more dependent on imported raw materials than the United States . We are self sufficient in many raw materials.

But as you well know we are heavily dependent upon foreign sources for supply of resources we must import. Included are manganese, asbestos, zinc , platinum, lead, bauxite , nickel, and iron ore 

We hear of a potential "mineral crises." We know what a natural resource crisis can be after our experience with oil

Two things are apparent . We need to increase U. S. production. And we need to increase trade opportunities for exchange of minerals. 

Environmental policies must recognize that there is a balance between general social wellbeing and economic necessity

Commodity producers will discover that they are not insulated from the impact of restrictions on supply or the escalation of prices. 

Thus, the best prices for commodities are those that can be maintained over the longest period at the level that assures economic growth everywhere. Only through cooperation between consumers and producers can such prices be determined

We must be prepared to carry out trade and investment relationships with any nation which has exportable supplies of materials

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So, the USA had a ferrochrome industry back then and relied on supply of chromium?

I noticed the "Previous sanctions against Rhodesia, it was pointed out, had badly damaged the United States ferrochrome industry.

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1974, steel companies were forced to cut emissions when making things steel related and it highered the costs. Cheaper imports came in and created a trade imbalance...sound familiar?

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http://www.miningweekly.com/article/south-africa-crucial-to-global-chrome-supply-chromium-2017-hears-2017-11-10/rep_id:3650

China does not have its own chrome resources and South Africa, with 70% of the world's chrome resources, sends 90% of the chrome it exports to China.

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With the Make South Africa great again agenda...I am sure the USA is considering the supply of chrome.

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Check out the map in this link. Notice North America ???Pretty scary to see no ferrochrome production in North America.

https://www.metals-hub.com/ferrochrome-producers-world/