How American Steel Has Been Impacted by Tariffs, One Year Later
The U.S. steel industry has experienced plenty of change over the last year. In March 2018, 25% tariffs on steel imports, along with other measures, officially went into effect. Since then, American steel has seen exciting growth in production and job creation. Let’s take a deeper dive into everything that’s occurred.
Production is on the rise
As of last April, American steel production was up 7.3% year-over-year. With 7.4 million tons of steel manufactured, the United States became the fourth-largest producer globally. Even more exciting is that U.S. mills are operating above 80% capacity.
Imports are declining
Steel imports have declined significantly since these new measures were implemented. Total and finished steel imports have decreased by 8% and 17% year-over-year, respectively, through the first four months of 2019.
Big investments are being made
With imports declining, some companies are starting to financially double down on the future of American steel. Last year, ArcelorMittal put more than $392 million into projects based in the United States. Steel Dynamics will invest as much as $1.8 billion to build a new mill in the United States that is expected to manufacture approximately three million tons of steel per year.
Job growth continues
The increase in domestic projects has led to a surge in employment. Over 400 people were hired at U.S. Steel’s Mon Valley Works mill last year. U.S. Steel has also revived its previously idle Lone Star mill, creating 140 jobs. After almost becoming defunct, U.S. Steel’s Granite City mill is now up to full capacity with approximately 1,500 workers. Projects are increasing, and so are job opportunities.
Keep building momentum
One thing is certain: American steel is on the rise. However, there’s plenty of work left to do, and we need everyone involved to lend a hand. Keep showing your support by telling us your success stories!