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

[Richard-H]

You are deluded. No, you are one-dimensional, thick.

TDS

You need to reenergize yourself from Trump's lies. The truth is unhealthy for you.

You’re insane nobody agrees with you get a life move out of America crawling to your cave and just shut the fuck up for four more years.. or keep crying lol

Based on your experience? It didn't work for you.

I’m with the majority of America voted for Trump

Uh..Clinton won the popular vote...idiot!

 

[Richard-H]

Well you democrats want to lose lol but we are not losing. China is losing more then is, so is Iran.. if you don’t suooort America just renounce your citizenships.. hehe

Both sides losing doesn’t mean we win. Are you really that dense?

What would your solution have been? Status quo? Keep allowing China to steal from us?

They don't have a plan. They just don't like Trump. I know you know this as does anyone with any common sense.

Trump doesn't have a plan. He is a reactionary who relies on his gut. Guts don't plan, they react to the input and deliver their output through a sphincter.

When he ran for POTUS he said he was willing to start a trade war. People knew that when they voted for and against him. Obviously he had a plan.

Yeah... a lousy plan based on ignorance!

 

[Dragonlady]

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

We explained it dozens of times. Conservatives aren't bright enough to understand the explanation. Neither is Donald Trump.

 

[Jitss617]

TDS

You need to reenergize yourself from Trump's lies. The truth is unhealthy for you.

You’re insane nobody agrees with you get a life move out of America crawling to your cave and just shut the fuck up for four more years.. or keep crying lol

Based on your experience? It didn't work for you.

I’m with the majority of America voted for Trump

Uh..Clinton won the popular vote...idiot!

I said America not California retard

 

[Richard-H]

If Trump had imposed a small sustainable tariff (6-8%) it may have had a positive effect on our economy.

The current tariffs are too high and unsustainable...everyone is losing.

Nobody is gonna invest in American manufacturing knowing that this trade war has to end eventually.

 

[Richard-H]

View attachment 293370

You need to reenergize yourself from Trump's lies. The truth is unhealthy for you.

You’re insane nobody agrees with you get a life move out of America crawling to your cave and just shut the fuck up for four more years.. or keep crying lol

Based on your experience? It didn't work for you.

I’m with the majority of America voted for Trump

Uh..Clinton won the popular vote...idiot!

I said America not California retard

Guess what? California is part of the United States fool!

But I guess you believe that barren desert should be considered more important than American voters!

Perhaps your swamp gators matter more than people?

Idiot!

 

[AzogtheDefiler]

Well you democrats want to lose lol but we are not losing. China is losing more then is, so is Iran.. if you don’t suooort America just renounce your citizenships.. hehe

Both sides losing doesn’t mean we win. Are you really that dense?

What would your solution have been? Status quo? Keep allowing China to steal from us?

One solution is to address the alleged foul play in the WTO instead of spending billions to fight a trade war unsuccessfully.

but blob supporters crave confrontation and simple solutions...it comes from being dumb and immature.

Address it how? Everyone knows they aren't abiding by their agreements as part of the WTO. We going to threaten to stop trading with them entirely and force them out of the WTO? Do you think the weenie little countries in Europe whose economies are already in the tank would agree? Get real. We have the most powerful economy in the world. We can call the shots. We may have a few pains, but we can outlast China, that is, unless a Dumbocrat gets elected and raises taxes on corporations and high wage earners and kills our economy. We would then be forced to go back to the Chinese and let them have their way. The Chinese know this and are hoping beyond hope that one of the wackadoos on the left gets elected.

If I was an adversary of the US, I would plant a politician in this country who promised a bunch of free stuff and alll the things the Democrats are proposing. There is a segment of our population that are dumb as stumps and/or gullible and would go for it. Easy win.

Seriously?

Adversaries of the U.S. have already planted an idiot in the White House!

They took advantage of the 'segment of our population that are dumb as stumps and/or gullible and would go for it' during the 2016 election fool!

They planted you in the White House? Let us compare resumes, loser and who really is the idiot. Come on. Take the challenge. Asshole.

 

[AzogtheDefiler]

Tough to stop trading with a partner who has 300mil middle class people with $$$. Interesting dilemma.

They aren’t buying much from us. Sounds like the companies don’t value what is stolen very much. Nobody is forced to do business in China.

They purchase electronics and steal IP. I read somewhere that 90% of MSFT licenses in China are stolen.

I thought you said you were for small government? You actually think big gov trying to manipulate trade is a good thing?

I am not. This is a very tough situation and one I am not very well versed in unfortunately. I agree with both free trade and fair trade but I am unsure how to attain both. I do believe that China needs to be held accountable for the thievery.

Free trade is the only fair trade. Being held accountable would mean companies would stop doing business with them. So far companies seem quite ok with the thievery.

Bottom line matters. People, companies, etc. Human nature.

 

[AzogtheDefiler]

Both sides losing doesn’t mean we win. Are you really that dense?

What would your solution have been? Status quo? Keep allowing China to steal from us?

They don't have a plan. They just don't like Trump. I know you know this as does anyone with any common sense.

Trump doesn't have a plan. He is a reactionary who relies on his gut. Guts don't plan, they react to the input and deliver their output through a sphincter.

When he ran for POTUS he said he was willing to start a trade war. People knew that when they voted for and against him. Obviously he had a plan.

Yeah... a lousy plan based on ignorance!

Who are you to opine? You are a loser with no career path.

 

[theHawk]

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. ...

It just means the tariffs aren’t high enough.

None of you idiots can explain why China and the EU have been using tariffs against the US for decades to protect their jobs if “tariffs don’t work”.

 

[Jitss617]

View attachment 293370

You’re insane nobody agrees with you get a life move out of America crawling to your cave and just shut the fuck up for four more years.. or keep crying lol

Based on your experience? It didn't work for you.

I’m with the majority of America voted for Trump

Uh..Clinton won the popular vote...idiot!

I said America not California retard

Guess what? California is part of the United States fool!

But I guess you believe that barren desert should be considered more important than American voters!

Perhaps your swamp gators matter more than people?

Idiot!

Digest this .. hehe

 

[theHawk]

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

Den-Yi-Zen is a Chinese troll. He must keep Chinese slavery alive.

 

[sparky]

Free trade is the only fair trade.

two different distinctions

each is a study

would be a grand CDZ topic Brain.....

~S~

 

[Richard-H]

View attachment 293370

Based on your experience? It didn't work for you.

I’m with the majority of America voted for Trump

Uh..Clinton won the popular vote...idiot!

I said America not California retard

Guess what? California is part of the United States fool!

But I guess you believe that barren desert should be considered more important than American voters!

Perhaps your swamp gators matter more than people?

Idiot!

View attachment 293374 Digest this .. hehe

We intend to!

 

[Jitss617]

View attachment 293370

I’m with the majority of America voted for Trump

Uh..Clinton won the popular vote...idiot!

I said America not California retard

Guess what? California is part of the United States fool!

But I guess you believe that barren desert should be considered more important than American voters!

Perhaps your swamp gators matter more than people?

Idiot!

View attachment 293374 Digest this .. hehe

We intend to!

Lol

 

[Mac-7]

If Trump had imposed a small sustainable tariff (6-8%) it may have had a positive effect on our economy.

The current tariffs are too high and unsustainable...everyone is losing.

Nobody is gonna invest in American manufacturing knowing that this trade war has to end eventually.

China is an adversary and a threat

The idea is to reduce imports from them

 

[Brain357]

This is all just a political game. The steel tariffs are a failure line tariffs always are. Trump is hoping their boat is sinking faster than ours.

 

[Indeependent]

View attachment 293370

Based on your experience? It didn't work for you.

I’m with the majority of America voted for Trump

Uh..Clinton won the popular vote...idiot!

I said America not California retard

Guess what? California is part of the United States fool!

But I guess you believe that barren desert should be considered more important than American voters!

Perhaps your swamp gators matter more than people?

Idiot!

View attachment 293374 Digest this .. hehe

Richard has already explicitly posted that he enjoys the fruits of slave labor.

 

[Brain357]

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. ...

It just means the tariffs aren’t high enough.

None of you idiots can explain why China and the EU have been using tariffs against the US for decades to protect their jobs if “tariffs don’t work”.

Why do you think they are “working” for the EU and China? The EU economy is weaker than ours. China’s run is coming to an end soon.

 

[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

Den-Yi-Zen is a Chinese troll. He must keep Chinese slavery alive.

I find it repulsive that lib Americans want other Americans to work for the same low wages as a chinese

thats insanity