“It’s absolutely shocking that we’re adding capacity,” said Timna Tanners, a steel industry analyst at BofA Merrill Lynch Global Research. Falling demand and higher capacity are a “toxic combination,” she said, adding that the industry faces a painful reckoning — a “steel-maggedon.”
Moreover, when the bulk of new capacity starts up later next year, Tanners said, demand for steel could slow further. Carmakers are increasingly using more aluminum and less steel, and nonresidential construction has already peaked. Nor did the Trump tariffs address the inefficiencies in the U.S. industry. Instead, the temporary lift merely delayed a shuttering of older, higher-cost integrated mills, which can’t compete with technologically advanced mini-mills and their electric arc furnaces.
“All this together paints a picture of these tariffs hurting the long-term competitiveness of U.S. steel,” said Christine McDaniel, a senior research fellow at George Mason University’s Mercatus Center, who has studied the steel tariffs and their effects. “It’s painful, but we’ve got to let the market work its course.”
NLMK Steel, a steel “re-roller” that employs 1,200 workers at plants in Sharon, Pa., and Gary, Ind., buys slabs from its parent company in Russia and converts them into finished steel coils that are sold to construction and other industries.
LLLwry The HELL you say!
We should be making our own steel in this country. Any deviation from that should be taxed so heavily it’s not profitable. That’s putting America first. Sorry not sorry if your company depends on cheap Chinese garbage.
Fake News! Don’t believe a word from this liberal rag.
Sanctions Tariffs DeficitSpending And TaxCuts Are Hoodoo Governance! BlackLivesMatter Indivisible
Shocking.
Decades from now, economics students will study trump's failed trade wars and think WTFreak was wrong with people back then?!
If only there were historical examples of tariffs making things worse that the media could have used to educate and warn Americans.
American's outside of California and New York do not believe a single word that the LA Times and NY Times prints.
And his base loves it.
Our mission at is to build the social news network that ends fake news. Follow us Overlooked_Inc
Um, that could be said about many things he has done.
Caution: Stable genius at work..
Shocking.
greekfries All that winning
and you believed him? Never Trust Trump!
Everything trump touches turns to crap
realDonaldTrump
99% of Republicans knew this already, but 'mean tweets' have tied their hands.
What, that wasn't the plan all along?
You can’t please EVERYONE. TrustInTrump
MakeAmericaGreatAgainwithIMPEACHMENT
more chinese steel..thats the answer!!
Good! If they voted for him and I have always believed that his supporters live under a bridge for him, so long as they pay the penultimate price for Dead Leader then I’ll sleep comfortably.
It ain't over yet. And the markets prove you wrong.
They are called master specs American steel and contractors must provide an American steel certificate
He ran every business he operated into bankruptcy. Only made money on 'branding:'. Our national debt has almost doubled under his watch during what he calls 'the best economy ever'. Knowing how to make money off your name does not translate to running the world's largest economy
Fake news
Wont somebody please think of the consumer!