Markets

Citing Trump's Tariffs, US Steel Says It Will Reopen Illinois Plant

Citing Trump's Tariffs, US Steel Says It Will Reopen Illinois Plant

"The USW welcomes this announcement from U.S. Steel and looks forward to working with the company during the restart process to ensure it is done safely and efficiently".

On the winning side of President Donald Trump's plans to impose a 25 percent tariff on imported steel are US steel mills with excess capacity that can be restarted, albeit with a significant delay, to meet increased demand.

Residents and business owners in a small IL town outside St. Louis are celebrating after U.S. Steel Corp. announced it is reinstating 500 jobs for the reopening of a steel processing facility.

However, the president's proposal has been widely criticized, including by industry experts who have said the tariffs could jeopardize jobs in some of the struggling mills Trump said he was trying to protect, according to the Financial Times.

Steel suppliers like California Steel Industries Inc CAST.UL , which imports 1.5 million tons of steel slabs annually, argue that Trump's bid to save US steel jobs will cost them.




The Belleville News Democrat reports that Pittsburg, Pennsylvania-based U.S. Steel said Wednesday that it anticipates calling about 500 Granite City Works employees back to work in March. "It's really important that we get this right, and now it's finally happening", Burritt told CNBC, sayingn that it felt like a renewal for the company and adding, "You've got to be able to make stuff in the United States".

Granite City and an AK Steel Holding Corp AKS.N mill in Ashland, Kentucky, are the only two idle us plants sufficiently well maintained to be brought back any time soon, industry analysts said. The pickle line, cold mill and finishing lines at Granite City Works continued to operate in line with customer demand.

The hot strip mill was restarted in February.

Burritt recently told CNBC that the Granite City plant has been inactive for two years due to trade practices which he believed inequitable.


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