US Steel CEO David Burritt in a recent news interview reinforced his support for the recently imposed US import tariffs under Section 232 to encourage American-made steel.
Burritt noted his belief that “the steel industry has faced a trade war for 30 years” already and that the US needed to correct unfair trading practices that had become the norm. Burritt went onto say that both the increased demand for steel and the tariffs influenced the decision to reopen the first blast furnace in its Granite City plant in Illinois this week. The second blast furnace in the plant is scheduled to restart in early October 2018. The plant is expected to add more than 800 jobs through the year. Burritt noted that more employment also trickled positively through the local community.
Burritt stated that even with the prospect of retaliatory tariffs from Canada and Mexico, the ultimate results may be yet to come as “they may become more willing to negotiate like South Korea.” The CEO also commented on the vulnerability of the country to be “shut down” if it relies on outsourced material.