"There is danger from all men. The only maxim of a free government ought to be to trust no man living with
power to endanger the public liberty." - - - - John Adams

Thursday, March 8, 2018

TRUMP EFFECT - US Steel reopening plant with 500 jobs

Making America Great Again
What a "radical" idea

(CNBC)  -  U.S. Steel CEO David Burritt told CNBC on Wednesday his company will reopen a steel plant in the United States due to President Donald Trump's steel and aluminum tariffs.

"We're really excited to be able to tell our employees in the community in Granite City, Illinois, that we will be calling back 500 employees," Burritt said during an interview with "Squawk Box."
The company will restart two blast furnaces and the steelmaking facilities at its Granite City Works integrated plant in Illinois. The restart process could take up to four months.
Burritt said the facility had been idle since December 2015 because of what he called unfair trade practices. "If you don't have customers here to sell to and you can't make money, you have to shut them down," he contended.
Some on Wall Street and in Washington remain skeptical on whether Trump's tariffs would indeed bring back steel jobs in force. They've been in a steady decline for years.
Burritt thanked Trump for "courageous leadership" on tariffs.
Last Thursday, the president proposed a plan for import tariffs of 25 percent steel and 10 percent on aluminum.
"This feels like the beginning of a renaissance for us," said Burritt, a former chief financial officer at heavy equipment maker Caterpillar. "It's really important that we get this right, and now it's finally happening."
Burritt said the strength of the U.S. depended on the tariffs. "You've got to be able to make stuff in the United States. If you take away our ability to make things, you don't really have a society."

"Just think about the way the U.K. used to have a big manufacturing base. It went away. If you don't make stuff, you can't have a strong country. You can't protect yourself and you go by the way of Greece or maybe Puerto Rico," he added.
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1 comment:

Anonymous said...

thats nice