Commerce Secretary Ross. Defense spending will require more steel production
Calling it a matter of national defense...
I guess there is nothing more powerful than having lots of tanks and army stuff around that can blow up things. The way to sell it is to ring the fear bell. Also gets around being protectionist.
- US needs specific steel to rebuild defense industry.
- US does not produce the specific steel needed
- IF US ever gets into a major conflict, demand for steel will go way up
- China, Japan and EU are far more protectionist than United States.
- Looking to stop dumping practice into the US
- Does not contemplate ending steel imports to the US
I hear the dumping argument. If steel is dumped, it makes US steel producers noncompetitive. The question is "Can the US produce steel at a competitive price?".
US Steel stock is liking the news (X). It is up $2.27 or 8.0% to $30.66. The US major indices are also trading at the days highs with the S&P up 18 points or 0.77%. The Nasdaq is up 55 points or 0.94% and the Dow is up 0.84%.