Steep Import Tariffs Applauded by U.S. Steel, Aluminum Majors

SEATTLE (Scrap Monster): US President Donald Trump has signed off proclamations, imposing steep tariffs on steel and aluminum imports into the country, which will take effect in 15 days. With this, all steel imports will attract 25% tariffs, whereas a 10% tariff will be applicable to all primary aluminum imports. The vital NAFTA countries Canada and Mexico has been temporarily exempted from the tariffs. While world countries have raised dismay and protest at the decision, major US steel makers and aluminum manufacturers have welcomed the decision. The first to laud the implementation of tariffs include Century Aluminum Company and Nucor.

John Ferriola, Chairman, CEO and President of Nucor Corporation thanked the President for taking decisive and meaningful action intended to stop dumping of subsidized steel products into the US. He noted that the Trump administration has taken appropriate actions to the threats raised by illegally traded imports to national security, as revealed by the Commerce Department investigation. The imposition of tariffs will result in creation of a level playing field, Ferriola added.

ALSO READ: Steel Executives Say Need for Import Restrictions is 'Urgent'

Meantime, Michael Bless, President and Chief Executive Officer, Century Aluminum Company too praised the decision. Extending strong support to the high tariffs on imports, he hoped that the President’s action will save American aluminum industry, thereby protecting thousands of American aluminum workers.

Century Aluminum has also decided to invest over $100 million to upgrade smelters at its Kentucky plant to operate at 100% capacity. It must be noted that the facility currently operates at 40% capacity. The investment will also bring back nearly 300 jobs to Hancock County, Bless said.