19-Oct-2023
Do you want to know why the steel industry plays a crucial role in safeguarding America's future?
Here are some highlights!
The strong domestic steel industry plays a crucial role in U.S. national defense, infrastructure, and economic competitiveness.
- Chronic global steel surpluses have harmed the U.S. steel sector, impacting prices, production, jobs, and investments.
- In 2018, the U.S. imposed a 25% tariff and other measures on certain steel imports under Section 232.
- These measures improved U.S. steel production, employment, capital investment, and financial performance until the 2020 global economic downturn.
- Global steel surplus capacity is a widespread issue, with excess capacity significantly exceeding U.S. production capacity.
- A report that was created back in 2021, recommended maintaining Section 232 measures until a multilateral solution to global excess steel capacity is found.
- The U.S. steel industry in 2017 supported around 2 million jobs, offering higher wages than the median for both males and females.
Why global steel surpluses warrant U.S. Section 232 import measures. (2021). Economic Policy Institute. https://lnkd.in/gkT7n8v
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