U.S. Steel Companies Show Strong First Quarter, Praise 'Buy American' Policies
U.S. Steel Companies Show Strong First Quarter, Praise 'Buy American' Policies
SUGAR LAND--May 11, 2017--Researched by Industrial Info Resources (Sugar Land, Texas)--For the first quarter of 2017, U.S. steelmakers reported generally favorable earnings results. After suffering years of China and other countries dumping steel into the U.S. market, tariffs on imported steel from certain locations for certain products have been put in place. In May 2016, the U.S. dramatically hiked tariffs on Chinese cold-rolled steel, which is used from everything from cars to appliances. In March 2017, the U.S. Commerce Department announced preliminary tariffs on imports of rebar from Japan, Taiwan and Turkey, and in April, President Donald Trump launched a probe into whether imports of foreign steel pose a risk to national security. Trump also has issued a "Buy American" directive in which users of certain products and raw materials, including steel, are purchased from U.S. producers. Industrial Info is tracking more than 250 projects valued at $10.1 billion at U.S. steel facilities.
Within this article: Details of CEO's comments on the current situation in the U.S. steel sector
Companies featured: United States Steel Corporation (NYSE:X), Nucor Corporation (NYSE:NUE), AK Steel Holding Corporation (NSYE:AKS), Steel Dynamics Incorporated (NSYE:STLD)
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