By Jeff Ferry, Chief Economist
On October 25th, America’s largest steelmaker Nucor opened a new steel
mill in Hickman, Arkansas. The mill will employ about 100 workers at an average
salary of $80,000 a year. A jubilant Arkansas Governor Asa Hutchinson attended
the opening and told the crowd: "I am thrilled that Nucor chose Hickman as
the site for its new specialty cold mill complex... Nucor’s investment in
Mississippi County over the past 30 years or so has made a substantial economic
impact to the region." The steel tariffs are
working. They are delivering prosperity to the steel industry, which is in turn
benefiting the local communities where steelworks are located. According to
industry sources, some $13 billion worth of major steel investment projects are
now underway. Most of them are in small towns or semi-rural communities in
Middle America, exactly the sort of places that became depressed after years of
deindustrialization. [more...]
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