Japan Agrees to Cut Steel Exports to U.S.

The Reagan Administration’s plan to cut U.S. imports of steel was largely completed Thursday when the office of U.S. Trade Representative William E. Brock confirmed that an agreement has been reached with the last major holdout--Japan.

David Demarest, Brock’s spokesman, said details will be announced in a few days “as soon as we’ve dotted some i’s and crossed some t’s.”

He added in a telephone interview that delegations will be going to Japan and South Korea to settle the details of five-year agreements with the two countries, backdated to last Oct. 1.

He said accords are still pending with a few minor steel suppliers, such as Argentina, Venezuela, Romania and Hungary.

The plan, attacked by critics as “protectionist,” is designed to increase jobs and business for American steel producers.

The object was to cut the share of imports in the U.S. domestic market for steel to 18.5% from 26.7% last year. Japan’s contribution was to reduce its share to 5.8% from 6.94%.

Demarest said the last problem with Japan--the categories to be regulated--was settled in the accord reached Wednesday by Robert Lighthizer, Brock’s deputy.