Posted on 06/26/2018 3:32:38 PM PDT by Enlightened1
British industrialist Sanjeev Gupta’s GFG Industrials on Monday reopened a shuttered South Carolina steel plant in a move that will allow his U.K.-based firm to circumvent the Trump administration’s 25% tariffs on steel imports.
Liberty Steel, a London-based company owned by Gupta’s group, held a relaunch ceremony at Georgetown Steel Mill on Monday. The mill originally closed in 2015 and was acquired by Liberty House in 2017, the Myrtle Beach Sun News reported.
Liberty Steel said the facility would employ about 125 workers at launch and more than 300 workers in the “medium term,” according to a press release. GFG Alliance has vowed to invest more than $5 billion in the U.S. within the next few years.
“This is a historic moment in the story of Liberty Steel and GFG,” Gupta said at the ceremony, according to a press release. “It marks our first step into the American market and is as much a milestone for us in the USA as the restart of Liberty Steel Newport after a similar shutdown period was in the UK. That triggered a cascade of major acquisitions, investments and turnaround successes for GFG in the UK. I very much hope and expect that a similar journey has started today for our family in the USA.”
With the mill in operation, the GFG-owned facility will be able to produce steel products on U.S. soil, avoiding the tariffs. President Donald Trump ordered the tariffs on China, the European Union, Mexico, Canada and others this year, arguing the charges were necessary to ensure national security.
U.K.-based firms export more than $470 million in steel to the U.S. each year, or roughly 7% of the country’s total output, according to U.K. Steel.
(Excerpt) Read more at foxbusiness.com ...
“This first investment is our vote of confidence in the future of metals and heavy industrial sector in the USA,” Gupta said. “GFG’s economic model globally has long-term sustainability at its core, based on the development of local resources, including educational and local community development, and the production of quality products for the domestic market.”
If Democratss get elected all these jobs will go bye bye.
President Trump’s tariffs drive $500M investment in a new Ohio steel plant.
More of Trump’s promises coming to pass.
Remember when they refused to report his true credentials, and kept saying he was just a reality show actor?
What a hoot. He just kept plodding away, and has now buried them.
So much winning today that I kinda lost count. Best POTUS in my lifetime, if not ever.
Glad they were able to iron out their differences.
That was the idea; get those foreign companies to build plants here to bypass the tariff’s - Trump’s no dummie.
Yes and I am loving it!
Go President Trump!!!
...Liberty Steel said the facility would employ about 125 workers at launch and more than 300 workers in the “medium term,”...
Bringing jobs back home. Wasn’t that a Target for the tariffs?
Got no problem with that....built in the US with US workers...may he make lots of money!
I would say President Trump is moving up to the George Washington level.
Best POTUS in my lifetime.
Yes it is.
Effective today the Brexit was passed
Is UK in the EU and thus subject to steel tariffs?
A foreign company that does business with the USA has to pay a tariff to do business ...
Unless he closes shop in neverland and moves here, hires US and sells internally to his favorite customer anyway ..
BRILLIANT !
Fantastic news!
I don’t know to answer your question?
I am sure President Trump will be happy to negotiate with U.K. to have reciprocal trade.
Glad they were able to iron out their differences.
= = = = = = = = = = = = = = = = = = =
PDT said them moving here was a real steal!!
Well, well well.
Tariffs are actually helping working people.
See I told you so.
At a certain point it becomes counterproductive to try to rank presidents against each other since each lived in different times and faced different challenges. But it's already clear that Trump will be regarded as one of the great presidents by future historians. To think that he's achieved so much being in office for only 18 months leaves one almost giddy imagining how much more he will accomplish in his remaining 78 months in office.
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