American Steel is on the rebound with stock prices and confidence soaring within the industry, according to the New York Times.
“If you could design a perfect administration from the perspective of the steel industry, this would be it,” Thomas Gibson, president of the American Iron and Steel Institute, told the NY Times. President Trump campaigned on the promise to bring back American jobs to industries that have been decimated by foreign competition, like steel.
For years, American producers have complained about China’s highly subsidized steel industry. The Chinese government pays its producers to make steel, regardless of demand. The result is an excess supply, which allows China to sell at a price Americans can’t match.
The Trump administration launched an investigation into steel imports after U.S. Steel Corp. asked a trade agency to look into Chinese collusion allegations. U.S. Steel asserts that Chinese rivals are conspiring to box out American companies.
Trump signed a memo April 20, directing the Department of Commerce to conduct an investigation into the dumping claims. The president invited steel manufacturers to the White House, including Nocur, which has seen its stock price rise 13 percent since election day, according to the Times.
As a part of the president’s trillion dollar infrastructure plan, Trump has said that American steel would be used. “A Trump Administration will also ensure that we start using American steel for American infrastructure,” he said even before being elected president.
The industry is encouraged by the president’s America-first mantra. His support of America’s coal industry has also contributed to increased stock prices.
The Daily Caller News Foundation reached out to U.S. Steel for comment but did not hear back by press time.
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