Donald Trump shoots himself in the other foot: Steel layoffs in US mount due to falling production

[Mac-7]

Tariffs did not drive up the cost of steel made on America

Only imported steel cost more

US producers raised their prices as competition diminished. Ffs.

Less imported steel was the idea behind the tariffs

I dont expect Americans to work as cheap as a chinese worker

 

[sparky]

yet we can expect Americans to compete w/China , and can thank the globalists for that

~S~

 

[DOTR]

Everything Donald Trump has touched since January 2017 has turned brown and smelly.

Donald Trump levied tariffs on steel to create more jobs in the steel industry. However, the steel industry has lost jobs and is closing steelworks.

On top of that, steel prices went up to other US manufacturers who are now paying more for steel which has contributed to the downturn in US industries that use steel.

The negative effects of Donald Trump's tariffs prove that tariffs do not create jobs, they just raise prices and reduce demand.

"Trump repeatedly promised he would revive the steel industry through trade war measures primarily aimed at imports from China and Europe. The expectation of the tariffs and the tariffs themselves sent stock prices up in anticipation of huge profits. However, the protectionist measures have had the opposite effect."

Let us pray that Donald Trump's damage to the US and world economy is only temporary and will recover after Donald Trump's impeachment and expungement.

Steel layoffs in US mount due to falling production and trade war

Steel layoffs in US mount due to falling production and trade war
By Samuel Davidson
11 November 2019

Growing layoffs at major steel producers in the United States over the past three months point to a further slowdown in manufacturing and the impact of Trump’s trade war measures. All the major steel producers in the US have reduced production this year and this is now translating into a series of job cuts.
United States Steel (USS), the second largest steel producer in the US and once the symbol of US domination of industrial production, is facing a major crisis. The company’s stock has lost over 75 percent of its value since reaching a high of $45 per share in February 2018 when the Trump administration imposed a 25 percent tariff on steel imports. Today USS stock is trading at less than $11.
The company has announced that it will idle its tin mill in East Chicago, Indiana. The company claims that half of the 297 workers being laid off will be transferred to its other northwest Indiana steel mills, the Gary Works and the Midwest Plant in Portage. It gave no date for reopening the mill and most industry analysts expect it to permanently close because of falling demand for tin.
Earlier this year, USS shut down one of its blast furnaces at its Great Lakes Works near Detroit. Fifty workers were laid off at the time and another 200 lost their jobs at the end of September.
US Steel recently announced plans to buy a minority stake in Big River Steel for $700 million with the option to buy the rest of Arkansas-based steelmaker over the next four years. The buyout is part of USS’s cost-cutting measures. Big River uses an electric arc furnace to melt scrap metal instead of a blast furnace that produces new steel from iron ore.
Blast furnaces need to run at near peak capacity in order to be profitable while electric arc furnaces in so-called “mini-mills” can remain profitable at lower capacities. US Steel is also building new electric arc furnaces, but the decision to buy a competitor signals that the company needs to get into that market faster.
US Steel is not the only steelmaker slashing jobs. AK Steel has announced the closing of its mill in Ashland, Kentucky by the end of the year throwing all 260 employees out of work.
Earlier this year, TMK Ipsco Tubulars Inc. announced it was laying off 159 workers at its tubular plant in Wilder, Kentucky due to dropping demand from the oil and gas industry. Only 20 workers will remain, mainly for maintenance at the plant.
NLMK steel in Farrell, Pennsylvania laid off 100 workers over the summer citing the higher costs of steel imports. NLMK imported steel slabs from Russia and rolled them into finished products. The layoffs took place in the hot mill. About 300 workers are still working in other sections of the mill.
Last month, United Structures of America closed its plant in Portland, Tennessee, putting 45 employees out of work. The company blamed the layoffs on falling demand for steel from the construction industry.
Barber Steel Foundry in Rothbury, Michigan is closing this month, laying off all 61 employees. The foundry is part of Pittsburgh-based Wabtec Corporation, which manufactures locomotives and freight cars. Wabtec (Westinghouse Air Brakes Technology Corporation), which merged with GE Transportation, provoked a strike by 1,700 locomotive workers in Erie, Pennsylvania earlier this year that was isolated and betrayed by the United Electrical (UE) union.
Bayou Steel in Louisiana filed for bankruptcy October 1 and announced it was closing, putting 367 people out of work. Another 72 workers at its Harriman, Tennessee operations were also laid off. Bayou executives said they only had $50,000 in cash and were unable to secure credit.
Charlotte, North Carolina-based Nucor Corporation, the largest steelmaker in the United States, and Luxembourg-based ArcelorMittal, the largest steelmaker in the world, have both seen their stocks fall drastically this year and are under pressure to cut costs and jobs.
Nucor, which is also the largest mini mill operator, has seen its share value fall by nearly 25 percent since its high in 2018. ArcelorMittal’s stock has fallen nearly 60 percent, from a high of $36 in January 2018 to just $15.00. Like US Steel, ArcelorMittal relies primarily on blast furnaces to produce steel from iron ore.
During his election campaign, Trump repeatedly promised he would revive the steel industry through trade war measures primarily aimed at imports from China and Europe. The expectation of the tariffs and the tariffs themselves sent stock prices up in anticipation of huge profits. However, the protectionist measures have had the opposite effect.
US Steel, Nucor and ArcelorMittal all brought additional capacity online in anticipation of greater demand. While demand rose modestly, the additional capacity put online quickly led to a crisis of overproduction in the US market and falling steel prices. While there is a vast need for steel to repair and improve the infrastructure in the US and around the world, under the capitalist system of production for profit and the division of the world into rival nation-states workers now face the irrational prospect of being thrown into poverty because they have produced “too much” steel.
While most analyses point to tariffs as the cause of the crisis for steel producers, the general slowdown in production in the US and world economy is a major factor. US manufacturing has declined for the past three months while world demand is also down. ...

Another liberal simpering in ecstasy over damage to America. The Chinese can always count on you can’t they?

 

[sparky]

Another liberal simpering in ecstasy over damage to America

Another American middle class bluecollar fuming over being sold down the river by the powers that be repeating the same mistakes at our expense..... absolutely nothing liberal about it at all.....

~S~

 

[Aldo Raine]

Trump Promised to Protect Steel. Layoffs Are Coming Instead.

The layoffs have stunned these steelworkers who, just a year ago, greeted President Trump’s election as a new dawn for their industry. Mr. Trump pledged to build roads and bridges, strengthen “Buy America” provisions, protect factories from unfair imports and revive industry, especially steel.

one did not need an economic phd to see this coming...

but then Trump fires anyone who might have actually diss'd him pointing it out

~S~

The fucking democrats would rather fuck around with impeachment instead of working on a good set of infrastructure projects that would use US steel.
That will bite them on the ass in 2020.

You do know Tramp walked out on a hissy fit when Pelosi and Chuck were going to talk about a 2 trillion dollar infrastructure bill? You knew that right?

 

[Bruce_T_Laney]

If our Congress would actually pass some form of infrastructure bill requiring all Federal and State agencies that use the funds must use American made products like Steel this would put people to work...

Oh well that Impeachment is more important than fixing our infrastructure...

 

[kyzr]

That Trump repeats what was a historic failure is relevant

Tariffs: A History of Repeated Failure

Even though tariffs have a proven track record of failure, why do policymakers insist on bringing these failed polices back from the grave?

~S~

OK so if tariffs don't work, and no tariffs don't work, what is the answer?

The reason for US tariffs is that other countries put tariffs on US goods. QED

 

[kyzr]

Trump Promised to Protect Steel. Layoffs Are Coming Instead.

The layoffs have stunned these steelworkers who, just a year ago, greeted President Trump’s election as a new dawn for their industry. Mr. Trump pledged to build roads and bridges, strengthen “Buy America” provisions, protect factories from unfair imports and revive industry, especially steel.

one did not need an economic phd to see this coming...

but then Trump fires anyone who might have actually diss'd him pointing it out

~S~

The fucking democrats would rather fuck around with impeachment instead of working on a good set of infrastructure projects that would use US steel.
That will bite them on the ass in 2020.

You do know Tramp walked out on a hissy fit when Pelosi and Chuck were going to talk about a 2 trillion dollar infrastructure bill? You knew that right?

True, Trump wanted USMCA passed first. So why not pass USMCA?
Pelosi After Trump Walked Out Of Infrastructure Meeting: "I Pray For The President" And The Country

 

[sparky]

If our Congress would actually pass some form of infrastructure bill

Don't get me started on Shovel ready Bruce

I was involved .....

~S~

 

[sparky]

So why not pass USMCA?

because it's NAFTA lite

Clinton 'effed us hard with that

~S~

 

[Crepitus]

If you are such an expert why dont you ‘splain it to me in your own words?

It is fairly simple, the tariffs drove up the cost of all steel, including that made here, initially by almost 50%. What this did was drive down the demand for steel, which hurts our steel producers.

Tariffs did not drive up the cost of steel made on America

Only imported steel cost more

What I see is that the way we produce steel needs to be more efficient whether we have tariffs or not

Yes, they did. When imported steel got more expensive than domestic they raised the prices to maximize profits.

 

[Harpy Eagle]

If you are such an expert why dont you ‘splain it to me in your own words?

It is fairly simple, the tariffs drove up the cost of all steel, including that made here, initially by almost 50%. What this did was drive down the demand for steel, which hurts our steel producers.

Tariffs did not drive up the cost of steel made on America

Only imported steel cost more

What I see is that the way we produce steel needs to be more efficient whether we have tariffs or not

You are wrong. It drove up all steel prices as that is what happens when supply drops.

View attachment 293277

View attachment 293278

According to your chart steel prices are not static and have risen and fallen before the tariffs

And in fact were far higher in the past without tariffs

Neither facts takes away the fact they rose directly after the imposition of steel tariffs

 

[Bruce_T_Laney]

If our Congress would actually pass some form of infrastructure bill

Don't get me started on Shovel ready Bruce

I was involved .....

~S~

Again, when you cut out the rest of my response it changes the meaning and spin it to your spin.

Pelosi job is to pass bills like infrastructure that will help the American worker, so she and her fellow Democrats should work on this.

Also I wrote in there that a requirement must be met and that is any agency Federal or State using the Federal funds should be required to buy American made only!

No going to China, Brazil or Russia to fund their government pockets.

 

[Lumpy 1]

Everything Donald Trump has touched since January 2017 has turned brown and smelly.

Donald Trump levied tariffs on steel to create more jobs in the steel industry. However, the steel industry has lost jobs and is closing steelworks.

On top of that, steel prices went up to other US manufacturers who are now paying more for steel which has contributed to the downturn in US industries that use steel.

The negative effects of Donald Trump's tariffs prove that tariffs do not create jobs, they just raise prices and reduce demand.

"Trump repeatedly promised he would revive the steel industry through trade war measures primarily aimed at imports from China and Europe. The expectation of the tariffs and the tariffs themselves sent stock prices up in anticipation of huge profits. However, the protectionist measures have had the opposite effect."

Let us pray that Donald Trump's damage to the US and world economy is only temporary and will recover after Donald Trump's impeachment and expungement.

Steel layoffs in US mount due to falling production and trade war

Steel layoffs in US mount due to falling production and trade war
By Samuel Davidson
11 November 2019

Growing layoffs at major steel producers in the United States over the past three months point to a further slowdown in manufacturing and the impact of Trump’s trade war measures. All the major steel producers in the US have reduced production this year and this is now translating into a series of job cuts.
United States Steel (USS), the second largest steel producer in the US and once the symbol of US domination of industrial production, is facing a major crisis. The company’s stock has lost over 75 percent of its value since reaching a high of $45 per share in February 2018 when the Trump administration imposed a 25 percent tariff on steel imports. Today USS stock is trading at less than $11.
The company has announced that it will idle its tin mill in East Chicago, Indiana. The company claims that half of the 297 workers being laid off will be transferred to its other northwest Indiana steel mills, the Gary Works and the Midwest Plant in Portage. It gave no date for reopening the mill and most industry analysts expect it to permanently close because of falling demand for tin.
Earlier this year, USS shut down one of its blast furnaces at its Great Lakes Works near Detroit. Fifty workers were laid off at the time and another 200 lost their jobs at the end of September.
US Steel recently announced plans to buy a minority stake in Big River Steel for $700 million with the option to buy the rest of Arkansas-based steelmaker over the next four years. The buyout is part of USS’s cost-cutting measures. Big River uses an electric arc furnace to melt scrap metal instead of a blast furnace that produces new steel from iron ore.
Blast furnaces need to run at near peak capacity in order to be profitable while electric arc furnaces in so-called “mini-mills” can remain profitable at lower capacities. US Steel is also building new electric arc furnaces, but the decision to buy a competitor signals that the company needs to get into that market faster.
US Steel is not the only steelmaker slashing jobs. AK Steel has announced the closing of its mill in Ashland, Kentucky by the end of the year throwing all 260 employees out of work.
Earlier this year, TMK Ipsco Tubulars Inc. announced it was laying off 159 workers at its tubular plant in Wilder, Kentucky due to dropping demand from the oil and gas industry. Only 20 workers will remain, mainly for maintenance at the plant.
NLMK steel in Farrell, Pennsylvania laid off 100 workers over the summer citing the higher costs of steel imports. NLMK imported steel slabs from Russia and rolled them into finished products. The layoffs took place in the hot mill. About 300 workers are still working in other sections of the mill.
Last month, United Structures of America closed its plant in Portland, Tennessee, putting 45 employees out of work. The company blamed the layoffs on falling demand for steel from the construction industry.
Barber Steel Foundry in Rothbury, Michigan is closing this month, laying off all 61 employees. The foundry is part of Pittsburgh-based Wabtec Corporation, which manufactures locomotives and freight cars. Wabtec (Westinghouse Air Brakes Technology Corporation), which merged with GE Transportation, provoked a strike by 1,700 locomotive workers in Erie, Pennsylvania earlier this year that was isolated and betrayed by the United Electrical (UE) union.
Bayou Steel in Louisiana filed for bankruptcy October 1 and announced it was closing, putting 367 people out of work. Another 72 workers at its Harriman, Tennessee operations were also laid off. Bayou executives said they only had $50,000 in cash and were unable to secure credit.
Charlotte, North Carolina-based Nucor Corporation, the largest steelmaker in the United States, and Luxembourg-based ArcelorMittal, the largest steelmaker in the world, have both seen their stocks fall drastically this year and are under pressure to cut costs and jobs.
Nucor, which is also the largest mini mill operator, has seen its share value fall by nearly 25 percent since its high in 2018. ArcelorMittal’s stock has fallen nearly 60 percent, from a high of $36 in January 2018 to just $15.00. Like US Steel, ArcelorMittal relies primarily on blast furnaces to produce steel from iron ore.
During his election campaign, Trump repeatedly promised he would revive the steel industry through trade war measures primarily aimed at imports from China and Europe. The expectation of the tariffs and the tariffs themselves sent stock prices up in anticipation of huge profits. However, the protectionist measures have had the opposite effect.
US Steel, Nucor and ArcelorMittal all brought additional capacity online in anticipation of greater demand. While demand rose modestly, the additional capacity put online quickly led to a crisis of overproduction in the US market and falling steel prices. While there is a vast need for steel to repair and improve the infrastructure in the US and around the world, under the capitalist system of production for profit and the division of the world into rival nation-states workers now face the irrational prospect of being thrown into poverty because they have produced “too much” steel.
While most analyses point to tariffs as the cause of the crisis for steel producers, the general slowdown in production in the US and world economy is a major factor. US manufacturing has declined for the past three months while world demand is also down. ...

I figure Trump could do a hell of a lot more if the House of Representatives wasn't controlled by the NO NOTHING DEMOCRATS ... the anti-American whiners that you love..

 

[candycorn]

Everything Donald Trump has touched since January 2017 has turned brown and smelly.

Donald Trump levied tariffs on steel to create more jobs in the steel industry. However, the steel industry has lost jobs and is closing steelworks.

On top of that, steel prices went up to other US manufacturers who are now paying more for steel which has contributed to the downturn in US industries that use steel.

The negative effects of Donald Trump's tariffs prove that tariffs do not create jobs, they just raise prices and reduce demand.

"Trump repeatedly promised he would revive the steel industry through trade war measures primarily aimed at imports from China and Europe. The expectation of the tariffs and the tariffs themselves sent stock prices up in anticipation of huge profits. However, the protectionist measures have had the opposite effect."

Let us pray that Donald Trump's damage to the US and world economy is only temporary and will recover after Donald Trump's impeachment and expungement.

Steel layoffs in US mount due to falling production and trade war

Steel layoffs in US mount due to falling production and trade war
By Samuel Davidson
11 November 2019

Growing layoffs at major steel producers in the United States over the past three months point to a further slowdown in manufacturing and the impact of Trump’s trade war measures. All the major steel producers in the US have reduced production this year and this is now translating into a series of job cuts.
United States Steel (USS), the second largest steel producer in the US and once the symbol of US domination of industrial production, is facing a major crisis. The company’s stock has lost over 75 percent of its value since reaching a high of $45 per share in February 2018 when the Trump administration imposed a 25 percent tariff on steel imports. Today USS stock is trading at less than $11.
The company has announced that it will idle its tin mill in East Chicago, Indiana. The company claims that half of the 297 workers being laid off will be transferred to its other northwest Indiana steel mills, the Gary Works and the Midwest Plant in Portage. It gave no date for reopening the mill and most industry analysts expect it to permanently close because of falling demand for tin.
Earlier this year, USS shut down one of its blast furnaces at its Great Lakes Works near Detroit. Fifty workers were laid off at the time and another 200 lost their jobs at the end of September.
US Steel recently announced plans to buy a minority stake in Big River Steel for $700 million with the option to buy the rest of Arkansas-based steelmaker over the next four years. The buyout is part of USS’s cost-cutting measures. Big River uses an electric arc furnace to melt scrap metal instead of a blast furnace that produces new steel from iron ore.
Blast furnaces need to run at near peak capacity in order to be profitable while electric arc furnaces in so-called “mini-mills” can remain profitable at lower capacities. US Steel is also building new electric arc furnaces, but the decision to buy a competitor signals that the company needs to get into that market faster.
US Steel is not the only steelmaker slashing jobs. AK Steel has announced the closing of its mill in Ashland, Kentucky by the end of the year throwing all 260 employees out of work.
Earlier this year, TMK Ipsco Tubulars Inc. announced it was laying off 159 workers at its tubular plant in Wilder, Kentucky due to dropping demand from the oil and gas industry. Only 20 workers will remain, mainly for maintenance at the plant.
NLMK steel in Farrell, Pennsylvania laid off 100 workers over the summer citing the higher costs of steel imports. NLMK imported steel slabs from Russia and rolled them into finished products. The layoffs took place in the hot mill. About 300 workers are still working in other sections of the mill.
Last month, United Structures of America closed its plant in Portland, Tennessee, putting 45 employees out of work. The company blamed the layoffs on falling demand for steel from the construction industry.
Barber Steel Foundry in Rothbury, Michigan is closing this month, laying off all 61 employees. The foundry is part of Pittsburgh-based Wabtec Corporation, which manufactures locomotives and freight cars. Wabtec (Westinghouse Air Brakes Technology Corporation), which merged with GE Transportation, provoked a strike by 1,700 locomotive workers in Erie, Pennsylvania earlier this year that was isolated and betrayed by the United Electrical (UE) union.
Bayou Steel in Louisiana filed for bankruptcy October 1 and announced it was closing, putting 367 people out of work. Another 72 workers at its Harriman, Tennessee operations were also laid off. Bayou executives said they only had $50,000 in cash and were unable to secure credit.
Charlotte, North Carolina-based Nucor Corporation, the largest steelmaker in the United States, and Luxembourg-based ArcelorMittal, the largest steelmaker in the world, have both seen their stocks fall drastically this year and are under pressure to cut costs and jobs.
Nucor, which is also the largest mini mill operator, has seen its share value fall by nearly 25 percent since its high in 2018. ArcelorMittal’s stock has fallen nearly 60 percent, from a high of $36 in January 2018 to just $15.00. Like US Steel, ArcelorMittal relies primarily on blast furnaces to produce steel from iron ore.
During his election campaign, Trump repeatedly promised he would revive the steel industry through trade war measures primarily aimed at imports from China and Europe. The expectation of the tariffs and the tariffs themselves sent stock prices up in anticipation of huge profits. However, the protectionist measures have had the opposite effect.
US Steel, Nucor and ArcelorMittal all brought additional capacity online in anticipation of greater demand. While demand rose modestly, the additional capacity put online quickly led to a crisis of overproduction in the US market and falling steel prices. While there is a vast need for steel to repair and improve the infrastructure in the US and around the world, under the capitalist system of production for profit and the division of the world into rival nation-states workers now face the irrational prospect of being thrown into poverty because they have produced “too much” steel.
While most analyses point to tariffs as the cause of the crisis for steel producers, the general slowdown in production in the US and world economy is a major factor. US manufacturing has declined for the past three months while world demand is also down. ...

The world socialists blame tariffs without explaining how tariffs are at fault

retaliatory tariffs make our steel more expensive so we sell less.

 

[candycorn]

Everything Donald Trump has touched since January 2017 has turned brown and smelly.

Donald Trump levied tariffs on steel to create more jobs in the steel industry. However, the steel industry has lost jobs and is closing steelworks.

On top of that, steel prices went up to other US manufacturers who are now paying more for steel which has contributed to the downturn in US industries that use steel.

The negative effects of Donald Trump's tariffs prove that tariffs do not create jobs, they just raise prices and reduce demand.

"Trump repeatedly promised he would revive the steel industry through trade war measures primarily aimed at imports from China and Europe. The expectation of the tariffs and the tariffs themselves sent stock prices up in anticipation of huge profits. However, the protectionist measures have had the opposite effect."

Let us pray that Donald Trump's damage to the US and world economy is only temporary and will recover after Donald Trump's impeachment and expungement.

Steel layoffs in US mount due to falling production and trade war

Steel layoffs in US mount due to falling production and trade war
By Samuel Davidson
11 November 2019

Growing layoffs at major steel producers in the United States over the past three months point to a further slowdown in manufacturing and the impact of Trump’s trade war measures. All the major steel producers in the US have reduced production this year and this is now translating into a series of job cuts.
United States Steel (USS), the second largest steel producer in the US and once the symbol of US domination of industrial production, is facing a major crisis. The company’s stock has lost over 75 percent of its value since reaching a high of $45 per share in February 2018 when the Trump administration imposed a 25 percent tariff on steel imports. Today USS stock is trading at less than $11.
The company has announced that it will idle its tin mill in East Chicago, Indiana. The company claims that half of the 297 workers being laid off will be transferred to its other northwest Indiana steel mills, the Gary Works and the Midwest Plant in Portage. It gave no date for reopening the mill and most industry analysts expect it to permanently close because of falling demand for tin.
Earlier this year, USS shut down one of its blast furnaces at its Great Lakes Works near Detroit. Fifty workers were laid off at the time and another 200 lost their jobs at the end of September.
US Steel recently announced plans to buy a minority stake in Big River Steel for $700 million with the option to buy the rest of Arkansas-based steelmaker over the next four years. The buyout is part of USS’s cost-cutting measures. Big River uses an electric arc furnace to melt scrap metal instead of a blast furnace that produces new steel from iron ore.
Blast furnaces need to run at near peak capacity in order to be profitable while electric arc furnaces in so-called “mini-mills” can remain profitable at lower capacities. US Steel is also building new electric arc furnaces, but the decision to buy a competitor signals that the company needs to get into that market faster.
US Steel is not the only steelmaker slashing jobs. AK Steel has announced the closing of its mill in Ashland, Kentucky by the end of the year throwing all 260 employees out of work.
Earlier this year, TMK Ipsco Tubulars Inc. announced it was laying off 159 workers at its tubular plant in Wilder, Kentucky due to dropping demand from the oil and gas industry. Only 20 workers will remain, mainly for maintenance at the plant.
NLMK steel in Farrell, Pennsylvania laid off 100 workers over the summer citing the higher costs of steel imports. NLMK imported steel slabs from Russia and rolled them into finished products. The layoffs took place in the hot mill. About 300 workers are still working in other sections of the mill.
Last month, United Structures of America closed its plant in Portland, Tennessee, putting 45 employees out of work. The company blamed the layoffs on falling demand for steel from the construction industry.
Barber Steel Foundry in Rothbury, Michigan is closing this month, laying off all 61 employees. The foundry is part of Pittsburgh-based Wabtec Corporation, which manufactures locomotives and freight cars. Wabtec (Westinghouse Air Brakes Technology Corporation), which merged with GE Transportation, provoked a strike by 1,700 locomotive workers in Erie, Pennsylvania earlier this year that was isolated and betrayed by the United Electrical (UE) union.
Bayou Steel in Louisiana filed for bankruptcy October 1 and announced it was closing, putting 367 people out of work. Another 72 workers at its Harriman, Tennessee operations were also laid off. Bayou executives said they only had $50,000 in cash and were unable to secure credit.
Charlotte, North Carolina-based Nucor Corporation, the largest steelmaker in the United States, and Luxembourg-based ArcelorMittal, the largest steelmaker in the world, have both seen their stocks fall drastically this year and are under pressure to cut costs and jobs.
Nucor, which is also the largest mini mill operator, has seen its share value fall by nearly 25 percent since its high in 2018. ArcelorMittal’s stock has fallen nearly 60 percent, from a high of $36 in January 2018 to just $15.00. Like US Steel, ArcelorMittal relies primarily on blast furnaces to produce steel from iron ore.
During his election campaign, Trump repeatedly promised he would revive the steel industry through trade war measures primarily aimed at imports from China and Europe. The expectation of the tariffs and the tariffs themselves sent stock prices up in anticipation of huge profits. However, the protectionist measures have had the opposite effect.
US Steel, Nucor and ArcelorMittal all brought additional capacity online in anticipation of greater demand. While demand rose modestly, the additional capacity put online quickly led to a crisis of overproduction in the US market and falling steel prices. While there is a vast need for steel to repair and improve the infrastructure in the US and around the world, under the capitalist system of production for profit and the division of the world into rival nation-states workers now face the irrational prospect of being thrown into poverty because they have produced “too much” steel.
While most analyses point to tariffs as the cause of the crisis for steel producers, the general slowdown in production in the US and world economy is a major factor. US manufacturing has declined for the past three months while world demand is also down. ...

I figure Trump could do a hell of a lot more if the House of Representatives wasn't controlled by the NO NOTHING DEMOCRATS ... the anti-American whiners that you love..


View attachment 293289

Everything Donald Trump has touched since January 2017 has turned brown and smelly.

Donald Trump levied tariffs on steel to create more jobs in the steel industry. However, the steel industry has lost jobs and is closing steelworks.

On top of that, steel prices went up to other US manufacturers who are now paying more for steel which has contributed to the downturn in US industries that use steel.

The negative effects of Donald Trump's tariffs prove that tariffs do not create jobs, they just raise prices and reduce demand.

"Trump repeatedly promised he would revive the steel industry through trade war measures primarily aimed at imports from China and Europe. The expectation of the tariffs and the tariffs themselves sent stock prices up in anticipation of huge profits. However, the protectionist measures have had the opposite effect."

Let us pray that Donald Trump's damage to the US and world economy is only temporary and will recover after Donald Trump's impeachment and expungement.

Steel layoffs in US mount due to falling production and trade war

Steel layoffs in US mount due to falling production and trade war
By Samuel Davidson
11 November 2019

Growing layoffs at major steel producers in the United States over the past three months point to a further slowdown in manufacturing and the impact of Trump’s trade war measures. All the major steel producers in the US have reduced production this year and this is now translating into a series of job cuts.
United States Steel (USS), the second largest steel producer in the US and once the symbol of US domination of industrial production, is facing a major crisis. The company’s stock has lost over 75 percent of its value since reaching a high of $45 per share in February 2018 when the Trump administration imposed a 25 percent tariff on steel imports. Today USS stock is trading at less than $11.
The company has announced that it will idle its tin mill in East Chicago, Indiana. The company claims that half of the 297 workers being laid off will be transferred to its other northwest Indiana steel mills, the Gary Works and the Midwest Plant in Portage. It gave no date for reopening the mill and most industry analysts expect it to permanently close because of falling demand for tin.
Earlier this year, USS shut down one of its blast furnaces at its Great Lakes Works near Detroit. Fifty workers were laid off at the time and another 200 lost their jobs at the end of September.
US Steel recently announced plans to buy a minority stake in Big River Steel for $700 million with the option to buy the rest of Arkansas-based steelmaker over the next four years. The buyout is part of USS’s cost-cutting measures. Big River uses an electric arc furnace to melt scrap metal instead of a blast furnace that produces new steel from iron ore.
Blast furnaces need to run at near peak capacity in order to be profitable while electric arc furnaces in so-called “mini-mills” can remain profitable at lower capacities. US Steel is also building new electric arc furnaces, but the decision to buy a competitor signals that the company needs to get into that market faster.
US Steel is not the only steelmaker slashing jobs. AK Steel has announced the closing of its mill in Ashland, Kentucky by the end of the year throwing all 260 employees out of work.
Earlier this year, TMK Ipsco Tubulars Inc. announced it was laying off 159 workers at its tubular plant in Wilder, Kentucky due to dropping demand from the oil and gas industry. Only 20 workers will remain, mainly for maintenance at the plant.
NLMK steel in Farrell, Pennsylvania laid off 100 workers over the summer citing the higher costs of steel imports. NLMK imported steel slabs from Russia and rolled them into finished products. The layoffs took place in the hot mill. About 300 workers are still working in other sections of the mill.
Last month, United Structures of America closed its plant in Portland, Tennessee, putting 45 employees out of work. The company blamed the layoffs on falling demand for steel from the construction industry.
Barber Steel Foundry in Rothbury, Michigan is closing this month, laying off all 61 employees. The foundry is part of Pittsburgh-based Wabtec Corporation, which manufactures locomotives and freight cars. Wabtec (Westinghouse Air Brakes Technology Corporation), which merged with GE Transportation, provoked a strike by 1,700 locomotive workers in Erie, Pennsylvania earlier this year that was isolated and betrayed by the United Electrical (UE) union.
Bayou Steel in Louisiana filed for bankruptcy October 1 and announced it was closing, putting 367 people out of work. Another 72 workers at its Harriman, Tennessee operations were also laid off. Bayou executives said they only had $50,000 in cash and were unable to secure credit.
Charlotte, North Carolina-based Nucor Corporation, the largest steelmaker in the United States, and Luxembourg-based ArcelorMittal, the largest steelmaker in the world, have both seen their stocks fall drastically this year and are under pressure to cut costs and jobs.
Nucor, which is also the largest mini mill operator, has seen its share value fall by nearly 25 percent since its high in 2018. ArcelorMittal’s stock has fallen nearly 60 percent, from a high of $36 in January 2018 to just $15.00. Like US Steel, ArcelorMittal relies primarily on blast furnaces to produce steel from iron ore.
During his election campaign, Trump repeatedly promised he would revive the steel industry through trade war measures primarily aimed at imports from China and Europe. The expectation of the tariffs and the tariffs themselves sent stock prices up in anticipation of huge profits. However, the protectionist measures have had the opposite effect.
US Steel, Nucor and ArcelorMittal all brought additional capacity online in anticipation of greater demand. While demand rose modestly, the additional capacity put online quickly led to a crisis of overproduction in the US market and falling steel prices. While there is a vast need for steel to repair and improve the infrastructure in the US and around the world, under the capitalist system of production for profit and the division of the world into rival nation-states workers now face the irrational prospect of being thrown into poverty because they have produced “too much” steel.
While most analyses point to tariffs as the cause of the crisis for steel producers, the general slowdown in production in the US and world economy is a major factor. US manufacturing has declined for the past three months while world demand is also down. ...

I figure Trump could do a hell of a lot more if the House of Representatives wasn't controlled by the NO NOTHING DEMOCRATS ... the anti-American whiners that you love..


View attachment 293289

your blob said the 2018 election was close to a total victory...was he lying?

 

[Jitss617]

Everything Donald Trump has touched since January 2017 has turned brown and smelly.

Donald Trump levied tariffs on steel to create more jobs in the steel industry. However, the steel industry has lost jobs and is closing steelworks.

On top of that, steel prices went up to other US manufacturers who are now paying more for steel which has contributed to the downturn in US industries that use steel.

The negative effects of Donald Trump's tariffs prove that tariffs do not create jobs, they just raise prices and reduce demand.

"Trump repeatedly promised he would revive the steel industry through trade war measures primarily aimed at imports from China and Europe. The expectation of the tariffs and the tariffs themselves sent stock prices up in anticipation of huge profits. However, the protectionist measures have had the opposite effect."

Let us pray that Donald Trump's damage to the US and world economy is only temporary and will recover after Donald Trump's impeachment and expungement.

Steel layoffs in US mount due to falling production and trade war

Steel layoffs in US mount due to falling production and trade war
By Samuel Davidson
11 November 2019

Growing layoffs at major steel producers in the United States over the past three months point to a further slowdown in manufacturing and the impact of Trump’s trade war measures. All the major steel producers in the US have reduced production this year and this is now translating into a series of job cuts.
United States Steel (USS), the second largest steel producer in the US and once the symbol of US domination of industrial production, is facing a major crisis. The company’s stock has lost over 75 percent of its value since reaching a high of $45 per share in February 2018 when the Trump administration imposed a 25 percent tariff on steel imports. Today USS stock is trading at less than $11.
The company has announced that it will idle its tin mill in East Chicago, Indiana. The company claims that half of the 297 workers being laid off will be transferred to its other northwest Indiana steel mills, the Gary Works and the Midwest Plant in Portage. It gave no date for reopening the mill and most industry analysts expect it to permanently close because of falling demand for tin.
Earlier this year, USS shut down one of its blast furnaces at its Great Lakes Works near Detroit. Fifty workers were laid off at the time and another 200 lost their jobs at the end of September.
US Steel recently announced plans to buy a minority stake in Big River Steel for $700 million with the option to buy the rest of Arkansas-based steelmaker over the next four years. The buyout is part of USS’s cost-cutting measures. Big River uses an electric arc furnace to melt scrap metal instead of a blast furnace that produces new steel from iron ore.
Blast furnaces need to run at near peak capacity in order to be profitable while electric arc furnaces in so-called “mini-mills” can remain profitable at lower capacities. US Steel is also building new electric arc furnaces, but the decision to buy a competitor signals that the company needs to get into that market faster.
US Steel is not the only steelmaker slashing jobs. AK Steel has announced the closing of its mill in Ashland, Kentucky by the end of the year throwing all 260 employees out of work.
Earlier this year, TMK Ipsco Tubulars Inc. announced it was laying off 159 workers at its tubular plant in Wilder, Kentucky due to dropping demand from the oil and gas industry. Only 20 workers will remain, mainly for maintenance at the plant.
NLMK steel in Farrell, Pennsylvania laid off 100 workers over the summer citing the higher costs of steel imports. NLMK imported steel slabs from Russia and rolled them into finished products. The layoffs took place in the hot mill. About 300 workers are still working in other sections of the mill.
Last month, United Structures of America closed its plant in Portland, Tennessee, putting 45 employees out of work. The company blamed the layoffs on falling demand for steel from the construction industry.
Barber Steel Foundry in Rothbury, Michigan is closing this month, laying off all 61 employees. The foundry is part of Pittsburgh-based Wabtec Corporation, which manufactures locomotives and freight cars. Wabtec (Westinghouse Air Brakes Technology Corporation), which merged with GE Transportation, provoked a strike by 1,700 locomotive workers in Erie, Pennsylvania earlier this year that was isolated and betrayed by the United Electrical (UE) union.
Bayou Steel in Louisiana filed for bankruptcy October 1 and announced it was closing, putting 367 people out of work. Another 72 workers at its Harriman, Tennessee operations were also laid off. Bayou executives said they only had $50,000 in cash and were unable to secure credit.
Charlotte, North Carolina-based Nucor Corporation, the largest steelmaker in the United States, and Luxembourg-based ArcelorMittal, the largest steelmaker in the world, have both seen their stocks fall drastically this year and are under pressure to cut costs and jobs.
Nucor, which is also the largest mini mill operator, has seen its share value fall by nearly 25 percent since its high in 2018. ArcelorMittal’s stock has fallen nearly 60 percent, from a high of $36 in January 2018 to just $15.00. Like US Steel, ArcelorMittal relies primarily on blast furnaces to produce steel from iron ore.
During his election campaign, Trump repeatedly promised he would revive the steel industry through trade war measures primarily aimed at imports from China and Europe. The expectation of the tariffs and the tariffs themselves sent stock prices up in anticipation of huge profits. However, the protectionist measures have had the opposite effect.
US Steel, Nucor and ArcelorMittal all brought additional capacity online in anticipation of greater demand. While demand rose modestly, the additional capacity put online quickly led to a crisis of overproduction in the US market and falling steel prices. While there is a vast need for steel to repair and improve the infrastructure in the US and around the world, under the capitalist system of production for profit and the division of the world into rival nation-states workers now face the irrational prospect of being thrown into poverty because they have produced “too much” steel.
While most analyses point to tariffs as the cause of the crisis for steel producers, the general slowdown in production in the US and world economy is a major factor. US manufacturing has declined for the past three months while world demand is also down. ...

Well we are in a trade war. Lol

 

[Lumpy 1]

Everything Donald Trump has touched since January 2017 has turned brown and smelly.

Donald Trump levied tariffs on steel to create more jobs in the steel industry. However, the steel industry has lost jobs and is closing steelworks.

On top of that, steel prices went up to other US manufacturers who are now paying more for steel which has contributed to the downturn in US industries that use steel.

The negative effects of Donald Trump's tariffs prove that tariffs do not create jobs, they just raise prices and reduce demand.

"Trump repeatedly promised he would revive the steel industry through trade war measures primarily aimed at imports from China and Europe. The expectation of the tariffs and the tariffs themselves sent stock prices up in anticipation of huge profits. However, the protectionist measures have had the opposite effect."

Let us pray that Donald Trump's damage to the US and world economy is only temporary and will recover after Donald Trump's impeachment and expungement.

Steel layoffs in US mount due to falling production and trade war

Steel layoffs in US mount due to falling production and trade war
By Samuel Davidson
11 November 2019

Growing layoffs at major steel producers in the United States over the past three months point to a further slowdown in manufacturing and the impact of Trump’s trade war measures. All the major steel producers in the US have reduced production this year and this is now translating into a series of job cuts.
United States Steel (USS), the second largest steel producer in the US and once the symbol of US domination of industrial production, is facing a major crisis. The company’s stock has lost over 75 percent of its value since reaching a high of $45 per share in February 2018 when the Trump administration imposed a 25 percent tariff on steel imports. Today USS stock is trading at less than $11.
The company has announced that it will idle its tin mill in East Chicago, Indiana. The company claims that half of the 297 workers being laid off will be transferred to its other northwest Indiana steel mills, the Gary Works and the Midwest Plant in Portage. It gave no date for reopening the mill and most industry analysts expect it to permanently close because of falling demand for tin.
Earlier this year, USS shut down one of its blast furnaces at its Great Lakes Works near Detroit. Fifty workers were laid off at the time and another 200 lost their jobs at the end of September.
US Steel recently announced plans to buy a minority stake in Big River Steel for $700 million with the option to buy the rest of Arkansas-based steelmaker over the next four years. The buyout is part of USS’s cost-cutting measures. Big River uses an electric arc furnace to melt scrap metal instead of a blast furnace that produces new steel from iron ore.
Blast furnaces need to run at near peak capacity in order to be profitable while electric arc furnaces in so-called “mini-mills” can remain profitable at lower capacities. US Steel is also building new electric arc furnaces, but the decision to buy a competitor signals that the company needs to get into that market faster.
US Steel is not the only steelmaker slashing jobs. AK Steel has announced the closing of its mill in Ashland, Kentucky by the end of the year throwing all 260 employees out of work.
Earlier this year, TMK Ipsco Tubulars Inc. announced it was laying off 159 workers at its tubular plant in Wilder, Kentucky due to dropping demand from the oil and gas industry. Only 20 workers will remain, mainly for maintenance at the plant.
NLMK steel in Farrell, Pennsylvania laid off 100 workers over the summer citing the higher costs of steel imports. NLMK imported steel slabs from Russia and rolled them into finished products. The layoffs took place in the hot mill. About 300 workers are still working in other sections of the mill.
Last month, United Structures of America closed its plant in Portland, Tennessee, putting 45 employees out of work. The company blamed the layoffs on falling demand for steel from the construction industry.
Barber Steel Foundry in Rothbury, Michigan is closing this month, laying off all 61 employees. The foundry is part of Pittsburgh-based Wabtec Corporation, which manufactures locomotives and freight cars. Wabtec (Westinghouse Air Brakes Technology Corporation), which merged with GE Transportation, provoked a strike by 1,700 locomotive workers in Erie, Pennsylvania earlier this year that was isolated and betrayed by the United Electrical (UE) union.
Bayou Steel in Louisiana filed for bankruptcy October 1 and announced it was closing, putting 367 people out of work. Another 72 workers at its Harriman, Tennessee operations were also laid off. Bayou executives said they only had $50,000 in cash and were unable to secure credit.
Charlotte, North Carolina-based Nucor Corporation, the largest steelmaker in the United States, and Luxembourg-based ArcelorMittal, the largest steelmaker in the world, have both seen their stocks fall drastically this year and are under pressure to cut costs and jobs.
Nucor, which is also the largest mini mill operator, has seen its share value fall by nearly 25 percent since its high in 2018. ArcelorMittal’s stock has fallen nearly 60 percent, from a high of $36 in January 2018 to just $15.00. Like US Steel, ArcelorMittal relies primarily on blast furnaces to produce steel from iron ore.
During his election campaign, Trump repeatedly promised he would revive the steel industry through trade war measures primarily aimed at imports from China and Europe. The expectation of the tariffs and the tariffs themselves sent stock prices up in anticipation of huge profits. However, the protectionist measures have had the opposite effect.
US Steel, Nucor and ArcelorMittal all brought additional capacity online in anticipation of greater demand. While demand rose modestly, the additional capacity put online quickly led to a crisis of overproduction in the US market and falling steel prices. While there is a vast need for steel to repair and improve the infrastructure in the US and around the world, under the capitalist system of production for profit and the division of the world into rival nation-states workers now face the irrational prospect of being thrown into poverty because they have produced “too much” steel.
While most analyses point to tariffs as the cause of the crisis for steel producers, the general slowdown in production in the US and world economy is a major factor. US manufacturing has declined for the past three months while world demand is also down. ...

I figure Trump could do a hell of a lot more if the House of Representatives wasn't controlled by the NO NOTHING DEMOCRATS ... the anti-American whiners that you love..


View attachment 293289

Everything Donald Trump has touched since January 2017 has turned brown and smelly.

Donald Trump levied tariffs on steel to create more jobs in the steel industry. However, the steel industry has lost jobs and is closing steelworks.

On top of that, steel prices went up to other US manufacturers who are now paying more for steel which has contributed to the downturn in US industries that use steel.

The negative effects of Donald Trump's tariffs prove that tariffs do not create jobs, they just raise prices and reduce demand.

"Trump repeatedly promised he would revive the steel industry through trade war measures primarily aimed at imports from China and Europe. The expectation of the tariffs and the tariffs themselves sent stock prices up in anticipation of huge profits. However, the protectionist measures have had the opposite effect."

Let us pray that Donald Trump's damage to the US and world economy is only temporary and will recover after Donald Trump's impeachment and expungement.

Steel layoffs in US mount due to falling production and trade war

Steel layoffs in US mount due to falling production and trade war
By Samuel Davidson
11 November 2019

Growing layoffs at major steel producers in the United States over the past three months point to a further slowdown in manufacturing and the impact of Trump’s trade war measures. All the major steel producers in the US have reduced production this year and this is now translating into a series of job cuts.
United States Steel (USS), the second largest steel producer in the US and once the symbol of US domination of industrial production, is facing a major crisis. The company’s stock has lost over 75 percent of its value since reaching a high of $45 per share in February 2018 when the Trump administration imposed a 25 percent tariff on steel imports. Today USS stock is trading at less than $11.
The company has announced that it will idle its tin mill in East Chicago, Indiana. The company claims that half of the 297 workers being laid off will be transferred to its other northwest Indiana steel mills, the Gary Works and the Midwest Plant in Portage. It gave no date for reopening the mill and most industry analysts expect it to permanently close because of falling demand for tin.
Earlier this year, USS shut down one of its blast furnaces at its Great Lakes Works near Detroit. Fifty workers were laid off at the time and another 200 lost their jobs at the end of September.
US Steel recently announced plans to buy a minority stake in Big River Steel for $700 million with the option to buy the rest of Arkansas-based steelmaker over the next four years. The buyout is part of USS’s cost-cutting measures. Big River uses an electric arc furnace to melt scrap metal instead of a blast furnace that produces new steel from iron ore.
Blast furnaces need to run at near peak capacity in order to be profitable while electric arc furnaces in so-called “mini-mills” can remain profitable at lower capacities. US Steel is also building new electric arc furnaces, but the decision to buy a competitor signals that the company needs to get into that market faster.
US Steel is not the only steelmaker slashing jobs. AK Steel has announced the closing of its mill in Ashland, Kentucky by the end of the year throwing all 260 employees out of work.
Earlier this year, TMK Ipsco Tubulars Inc. announced it was laying off 159 workers at its tubular plant in Wilder, Kentucky due to dropping demand from the oil and gas industry. Only 20 workers will remain, mainly for maintenance at the plant.
NLMK steel in Farrell, Pennsylvania laid off 100 workers over the summer citing the higher costs of steel imports. NLMK imported steel slabs from Russia and rolled them into finished products. The layoffs took place in the hot mill. About 300 workers are still working in other sections of the mill.
Last month, United Structures of America closed its plant in Portland, Tennessee, putting 45 employees out of work. The company blamed the layoffs on falling demand for steel from the construction industry.
Barber Steel Foundry in Rothbury, Michigan is closing this month, laying off all 61 employees. The foundry is part of Pittsburgh-based Wabtec Corporation, which manufactures locomotives and freight cars. Wabtec (Westinghouse Air Brakes Technology Corporation), which merged with GE Transportation, provoked a strike by 1,700 locomotive workers in Erie, Pennsylvania earlier this year that was isolated and betrayed by the United Electrical (UE) union.
Bayou Steel in Louisiana filed for bankruptcy October 1 and announced it was closing, putting 367 people out of work. Another 72 workers at its Harriman, Tennessee operations were also laid off. Bayou executives said they only had $50,000 in cash and were unable to secure credit.
Charlotte, North Carolina-based Nucor Corporation, the largest steelmaker in the United States, and Luxembourg-based ArcelorMittal, the largest steelmaker in the world, have both seen their stocks fall drastically this year and are under pressure to cut costs and jobs.
Nucor, which is also the largest mini mill operator, has seen its share value fall by nearly 25 percent since its high in 2018. ArcelorMittal’s stock has fallen nearly 60 percent, from a high of $36 in January 2018 to just $15.00. Like US Steel, ArcelorMittal relies primarily on blast furnaces to produce steel from iron ore.
During his election campaign, Trump repeatedly promised he would revive the steel industry through trade war measures primarily aimed at imports from China and Europe. The expectation of the tariffs and the tariffs themselves sent stock prices up in anticipation of huge profits. However, the protectionist measures have had the opposite effect.
US Steel, Nucor and ArcelorMittal all brought additional capacity online in anticipation of greater demand. While demand rose modestly, the additional capacity put online quickly led to a crisis of overproduction in the US market and falling steel prices. While there is a vast need for steel to repair and improve the infrastructure in the US and around the world, under the capitalist system of production for profit and the division of the world into rival nation-states workers now face the irrational prospect of being thrown into poverty because they have produced “too much” steel.
While most analyses point to tariffs as the cause of the crisis for steel producers, the general slowdown in production in the US and world economy is a major factor. US manufacturing has declined for the past three months while world demand is also down. ...

I figure Trump could do a hell of a lot more if the House of Representatives wasn't controlled by the NO NOTHING DEMOCRATS ... the anti-American whiners that you love..


View attachment 293289

your blob said the 2018 election was close to a total victory...was he lying?

Yup, lets whine about stupid crap like that...
.

 

[Aldo Raine]

Trump Promised to Protect Steel. Layoffs Are Coming Instead.

The layoffs have stunned these steelworkers who, just a year ago, greeted President Trump’s election as a new dawn for their industry. Mr. Trump pledged to build roads and bridges, strengthen “Buy America” provisions, protect factories from unfair imports and revive industry, especially steel.

one did not need an economic phd to see this coming...

but then Trump fires anyone who might have actually diss'd him pointing it out

~S~

The fucking democrats would rather fuck around with impeachment instead of working on a good set of infrastructure projects that would use US steel.
That will bite them on the ass in 2020.

You do know Tramp walked out on a hissy fit when Pelosi and Chuck were going to talk about a 2 trillion dollar infrastructure bill? You knew that right?

True, Trump wanted USMCA passed first. So why not pass USMCA?
Pelosi After Trump Walked Out Of Infrastructure Meeting: "I Pray For The President" And The Country

They are so unrelated it isn't even funny. Tramp has no idea what he is talking about when it comes to infrastructure so he passed. The snowflake even made up a story about his little feelings getting hurt and bailed because he had no idea what the fuck he was doing as usual.

 

[irosie91]

Everything Donald Trump has touched since January 2017 has turned brown and smelly.

Donald Trump levied tariffs on steel to create more jobs in the steel industry. However, the steel industry has lost jobs and is closing steelworks.

On top of that, steel prices went up to other US manufacturers who are now paying more for steel which has contributed to the downturn in US industries that use steel.

The negative effects of Donald Trump's tariffs prove that tariffs do not create jobs, they just raise prices and reduce demand.

"Trump repeatedly promised he would revive the steel industry through trade war measures primarily aimed at imports from China and Europe. The expectation of the tariffs and the tariffs themselves sent stock prices up in anticipation of huge profits. However, the protectionist measures have had the opposite effect."

Let us pray that Donald Trump's damage to the US and world economy is only temporary and will recover after Donald Trump's impeachment and expungement.

Steel layoffs in US mount due to falling production and trade war

Steel layoffs in US mount due to falling production and trade war
By Samuel Davidson
11 November 2019

Growing layoffs at major steel producers in the United States over the past three months point to a further slowdown in manufacturing and the impact of Trump’s trade war measures. All the major steel producers in the US have reduced production this year and this is now translating into a series of job cuts.
United States Steel (USS), the second largest steel producer in the US and once the symbol of US domination of industrial production, is facing a major crisis. The company’s stock has lost over 75 percent of its value since reaching a high of $45 per share in February 2018 when the Trump administration imposed a 25 percent tariff on steel imports. Today USS stock is trading at less than $11.
The company has announced that it will idle its tin mill in East Chicago, Indiana. The company claims that half of the 297 workers being laid off will be transferred to its other northwest Indiana steel mills, the Gary Works and the Midwest Plant in Portage. It gave no date for reopening the mill and most industry analysts expect it to permanently close because of falling demand for tin.
Earlier this year, USS shut down one of its blast furnaces at its Great Lakes Works near Detroit. Fifty workers were laid off at the time and another 200 lost their jobs at the end of September.
US Steel recently announced plans to buy a minority stake in Big River Steel for $700 million with the option to buy the rest of Arkansas-based steelmaker over the next four years. The buyout is part of USS’s cost-cutting measures. Big River uses an electric arc furnace to melt scrap metal instead of a blast furnace that produces new steel from iron ore.
Blast furnaces need to run at near peak capacity in order to be profitable while electric arc furnaces in so-called “mini-mills” can remain profitable at lower capacities. US Steel is also building new electric arc furnaces, but the decision to buy a competitor signals that the company needs to get into that market faster.
US Steel is not the only steelmaker slashing jobs. AK Steel has announced the closing of its mill in Ashland, Kentucky by the end of the year throwing all 260 employees out of work.
Earlier this year, TMK Ipsco Tubulars Inc. announced it was laying off 159 workers at its tubular plant in Wilder, Kentucky due to dropping demand from the oil and gas industry. Only 20 workers will remain, mainly for maintenance at the plant.
NLMK steel in Farrell, Pennsylvania laid off 100 workers over the summer citing the higher costs of steel imports. NLMK imported steel slabs from Russia and rolled them into finished products. The layoffs took place in the hot mill. About 300 workers are still working in other sections of the mill.
Last month, United Structures of America closed its plant in Portland, Tennessee, putting 45 employees out of work. The company blamed the layoffs on falling demand for steel from the construction industry.
Barber Steel Foundry in Rothbury, Michigan is closing this month, laying off all 61 employees. The foundry is part of Pittsburgh-based Wabtec Corporation, which manufactures locomotives and freight cars. Wabtec (Westinghouse Air Brakes Technology Corporation), which merged with GE Transportation, provoked a strike by 1,700 locomotive workers in Erie, Pennsylvania earlier this year that was isolated and betrayed by the United Electrical (UE) union.
Bayou Steel in Louisiana filed for bankruptcy October 1 and announced it was closing, putting 367 people out of work. Another 72 workers at its Harriman, Tennessee operations were also laid off. Bayou executives said they only had $50,000 in cash and were unable to secure credit.
Charlotte, North Carolina-based Nucor Corporation, the largest steelmaker in the United States, and Luxembourg-based ArcelorMittal, the largest steelmaker in the world, have both seen their stocks fall drastically this year and are under pressure to cut costs and jobs.
Nucor, which is also the largest mini mill operator, has seen its share value fall by nearly 25 percent since its high in 2018. ArcelorMittal’s stock has fallen nearly 60 percent, from a high of $36 in January 2018 to just $15.00. Like US Steel, ArcelorMittal relies primarily on blast furnaces to produce steel from iron ore.
During his election campaign, Trump repeatedly promised he would revive the steel industry through trade war measures primarily aimed at imports from China and Europe. The expectation of the tariffs and the tariffs themselves sent stock prices up in anticipation of huge profits. However, the protectionist measures have had the opposite effect.
US Steel, Nucor and ArcelorMittal all brought additional capacity online in anticipation of greater demand. While demand rose modestly, the additional capacity put online quickly led to a crisis of overproduction in the US market and falling steel prices. While there is a vast need for steel to repair and improve the infrastructure in the US and around the world, under the capitalist system of production for profit and the division of the world into rival nation-states workers now face the irrational prospect of being thrown into poverty because they have produced “too much” steel.
While most analyses point to tariffs as the cause of the crisis for steel producers, the general slowdown in production in the US and world economy is a major factor. US manufacturing has declined for the past three months while world demand is also down. ...

economics and tariffs is a very tough issue -----he is trying. Cheap Chinese
steel seems to be -----kinda inferior stuff