someoneyouknow
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Mr. Trump has referenced U.S. Steel at least twice in the last week or so, telling a roundtable with workers in Duluth, Minnesota, he'd received a call from the head of U.S. Steel, who relayed that the company would be, according to the president, "opening up six major facilities and expanding facilities that have never been expanded. They haven't been opened in many, many years."
The president doubled down on that notion six days later, saying Tuesday at the White House: "U.S. Steel just announced they're expanding or building six new facilities."
One Wall Street analyst who tracks U.S. Steel and its industry did not mince words when asked about the presidential take. "There is no expansion," offered Charles Bradford of Bradford Research. In fact, he added of U.S. Steel's future: "it's likely to shrink."
All that has occurred is a plant closed temporarily by U.S. Steel a few years ago has been gradually reopening over the last several months, said Bradford, who offered the view that U.S. Steel has not kept pace with technology that allows mini mills equipped with electric furnaces to operate more efficiently.
Tariffs and the rise in steel prices are hurting business for American manufacturers who take the raw material and turn it into products such as pipes or nails-- some are pausing expansion plans, while others have been forced to lay off workers.
https://www.cbsnews.com/news/major-u-s-steel-expansion-touted-by-trump-not-happening/
The president doubled down on that notion six days later, saying Tuesday at the White House: "U.S. Steel just announced they're expanding or building six new facilities."
One Wall Street analyst who tracks U.S. Steel and its industry did not mince words when asked about the presidential take. "There is no expansion," offered Charles Bradford of Bradford Research. In fact, he added of U.S. Steel's future: "it's likely to shrink."
All that has occurred is a plant closed temporarily by U.S. Steel a few years ago has been gradually reopening over the last several months, said Bradford, who offered the view that U.S. Steel has not kept pace with technology that allows mini mills equipped with electric furnaces to operate more efficiently.
Tariffs and the rise in steel prices are hurting business for American manufacturers who take the raw material and turn it into products such as pipes or nails-- some are pausing expansion plans, while others have been forced to lay off workers.
https://www.cbsnews.com/news/major-u-s-steel-expansion-touted-by-trump-not-happening/
