President Trump’s tariffs on foreign steel have sped the decline of some of the U.S. mills he vowed to help.
A U.S. Steel facility in Clairton, Pa. Since President Trump announced tariffs on foreign steel 16 months ago, U.S. Steel has lost almost 70% of its market value.
The president’s actions probably “sped up” an unavoidable “evolution,” said Nucor Chief Executive John Ferriola in an interview last month. “Are some companies are going to suffer? Absolutely. We’ll see some capacity go away, I’m sure of it." With the stronger steelmakers aggressively boosting capacity to grab market share, a dip in demand has left older, more costly blast furnaces at U.S. Steel and AK Steel Holding Corp. struggling to compete, even with foreign steel nudged out of the equation.
As expected, the tariffs reduced steel imports, creating more demand in 2018 and boosting profits. With that cash in hand, added money from Trump’s corporate tax cut and confidence that protectionism is here to stay, domestic producers began adding more capacity than they would have otherwise. Suppliers to blast furnaces are sounding the alarm. In laying out his vision for iron-ore miner Cleveland-Cliffs Inc. at a recent conference, CEO Lourenco Goncalves painted a bleak future for what makes up the overwhelming majority of his current customers.
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