Posted on 03/07/2018 10:53:50 AM PST by Red Badger
The company plans to call back about 500 employees
United States Steel Corp. X +4.25% said it would restart a blast furnace in Illinois to handle the higher demand it expects from President Donald Trump’s proposed tariffs on foreign steel.
The steelmaker said it also plans to call 500 employees back to work at the Granite City mill. U.S. Steel idled its blast furnaces there two years ago as a flood of cheap imports pushed down domestic steel prices. Steel producers have been hurt in recent years by increasing competition from foreign competitors, particularly China, that have ramped up production at lower prices.
Prices have been rising again in the U.S. in part because of the Trump administration’s discussions over whether to widen tariffs that have been applied piecemeal in recent years. Spot-market sheet-steel prices have risen more about 37% since October to about $810 a ton, according steel-industry price surveys.
Prices are expected to rise further if the tariffs proposed last week by Mr,. Trump—25% on steel and 10% on aluminum—are implemented.
U.S. Steel restarted steel processing at the Granite City site and was expected to restart blast-furnace operations to make raw steel from iron ore after
“Our Granite City Works facility and employees, as well as the surrounding community, have suffered too long from the unending waves of unfairly traded steel products that have flooded U.S. markets,” said Chief Executive David Burritt.
(Excerpt) Read more at wsj.com ...
We probably have enough scrap iron to keep the mills running.....................
East St. Louis?.................
"You see that place? You see where it say, 'Rib Tips'?"
More good paying jobs for Americans who want to work.
This is a way to raise tax revenue to offset further tax cuts on earned income.
Tariff == Tax, paid by the ultimate customer: you.
This is a way to raise tax revenue to offset further tax cuts on earned income.
YES! Every cent raised by imposing import tariffs should be returned to We the People in the form of reduced income taxes.
There is a lot of vacant land on the south side where the mills used to be: U.S. Steel, Wisconsin Steel. All long gone. The old Acme Coke plant may be gone too. The LTV mill still stands, but the land is being used for scrapping, etc.
Especially since we don’t get the best steel...
https://l.facebook.com/l.php?u=https%3A%2F%2Fmobile.reuters.com%2Farticle%2Famp%2FidUSKBN1GH2SM%3F__twitter_impression%3Dtrue&h=ATNabMgnLcc9wLozVwTz5G1_Fn1N4EZRdM1cKbTiA_NdJet4iAKsGWM9RDbS3ARLelE1MoiMaO1YrUyDm_7Bwug5dK-zWIQNERgluWP93QXgip56USM&s=1
Former pittsburgh resident here. In the 70s, thanks to the unions, young steelworkers bragged about sneaking air mattresses into the mills and sacking out for their shifts. In the 80s, the mills were being disassembled and shipped to china.
Duckworth wrote:
“Former pittsburgh resident here. In the 70s, thanks to the unions, young steelworkers bragged about sneaking air mattresses into the mills and sacking out for their shifts.
...”
Those young guys remind me of the stories about “Joe Magarac”.
http://pabook2.libraries.psu.edu/palitmap/JoeMagarac.html
http://www.pajack.com/stories/pennsylvania/magarac.html
MAGArac !!!
The Rust Belt is woke!.........................
And so are their votes....for TRUMP.
That’s why the Dems are pissed
too bad this benefit is wasted on a blue sanctuary state. Trump needs the help in Pennsylvania and Michigan! Illinois is a lost cause.
too bad this benefit is wasted on a blue sanctuary state. Trump needs the help in Pennsylvania and Michigan! Illinois is a lost cause.
Think of the ‘trickle down effect’......those states USE STEEL...............................
Until supply catches up with demand.
Consumption based taxes, like a tariff, are the way to go now. All Neoconservative should be in favor of them and drop their knee jerk negative reaction to a tariff.
Thanks Red Badger.
At what price? If the post tariff price is higher than the pre-tariff price, the customer is still paying the difference.
Consumption based taxes, like a tariff, are the way to go now.
I agree. Abolish the income tax. Reduce the size, scope, power, and COST of government.
So what? That's the price we pay to remain a sovereign nation capable of feeding and producing goods for ourselves. The is no guarantee that the price will be higher than the pre tariff price when you eliminate the middle men and the overseas shipping costs. What will go down are welfare payments and the burden on the tax payer.
What will narrow are the profit margins of globalist corporations that import into the USA. If you simply look at yourself as a "consumer" ( think brainless locust)then you are a shallow loser with no redeeming value. At least to me and every other Patriot.
If you're not on board with that, don't dare to call yourself a patriot.
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