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Originally Posted by LivinLOS
Steel.. America is a net importer AND maintains Tarrifs on imported steel.. As to the health of US steel v Asian imports fully half American Steel producers declared bancruptcy (2002) LTV the nations 3rd biggest was actually in liquidation last time I followed this.
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I am happy to report that the steel industry in the US is currently booming. My brother has been in the steel business all his working life, many years with US Steel, several with a Japanese company, and currently is with Republic Steel. He is been through some lean years in the 90's, but now they are selling all they can make and gearing up production for more.
The tariffs probably have helped the resurgence of the steel industry in this country. But even tho China steel production is up 28.2 per cent this year, they are a net importer by a 4 to 1 ratio in the first quarter this year. India's production is also up 21.3%. Excluding those two, world production is down 1.2%.
But the US would be the world's biggest idiots to not protect their steel industry. How long can a major military power remain so, if it has no steel production capability? Any major power can not be put in the position of relying on its potential adversary to supply it with steel for armaments in the event of a conflict.
In 2004 the biggest importers of steel were:
1. China 33.2 million metric tons
2. US 32.8 million " "
3. EU 30.4 million " "
The strange thing about those statistics is that if the US is importing all that much steel, it really makes you wonder what we are doing with it all, considering the fact that "no goods are produced in US." I guess we just like buying steel! It's great fun!
So much for the US not producing anything!!