Somebody on a website asked why cheap steel from China is a problem. I can explain why from the perspective of our industry. If the steel were cheap because of normal market forces, that would be one issue. But it's cheap because of dumping, which is a market distortion. This artificially low price for steel negatively impacts the salvage market, which in turn impacts the recovery rates for many low-end cars, which impacts subprime auto finance. If steel were moving down at a natural rate, models could adjust for that.
So that's why.