Friday, November 8, 2019

Steel Tariffs are Driving U.S. Economic Growth

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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