Significant Strides for the Steel Industry
The steel industry is ramping back up after several months of decreased production, and now we’re seeing another bit of good news. USMCA (United States-Mexico-Canada Agreement) has gone into effect after first being drafted in 2018 and is expected to further increase demand for U.S. steel.
USMCA is now officially in effect
Signed on July 1, 2020, USMCA is now in effect, replacing NAFTA as the new trilateral trade agreement. USMCA has modernized policies on rules of origin, automotive content requirements and labor protections for North American workers.
Demand for steel is going up
USMCA is expected to give steel producers a boost, and U.S. steel groups are hopeful that it will increase jobs, particularly throughout the Midwest. Canada and Mexico are the two biggest markets for the U.S., together accounting for nearly 90% of U.S. steel exports. Learn more about how USMCA will strengthen the U.S. steel industry here.
Good news from Gary Works
U.S. Steel is restarting the No. 6 blast furnace at Gary Works now that demand for steel is on the rise. The No. 6 blast furnace has been shut down since April due to COVID-19. Its reopening is welcome news for Northern Indiana steel mill workers and a sign of optimism for steel workers across the Midwest. Read more about Gary Works reopening here.
The signing of USMCA and the reopening of a Gary Works blast furnace are good indicators that the steel industry is on the rebound after a rough few months. U.S. steel mills and workers across our country have a lot to look forward to in the coming months.