Steel imports dropped sharply in January.

Steel imported in January totaled 1.7 million tons, down 34.2% from the level of January, 1985, according to Commerce Department figures. The January, 1986, tonnage represented an 18.6% reduction from December, 1985, the New York-based Institute for Imported Steel reported. But the tonnage also represented 22.2% of the U.S. market, 2 percentage points above the level specified by President Reagan, the U.S. producers said.