US Steel CEO: We're reopening an idled plant and bringing back 500 jobs due to Trump tariffs

[Yongpeng Sun-Tastaufen]

• We're excited "to tell our employees in the community in Granite City, Illinois, that we will be calling back 500 employees," says CEO David Burritt.
• Burritt says the facility had been idle since December 2015 because of what he called unfair trade practices.

U.S. Steel CEO David Burritt told CNBC on Wednesday his company will reopen a steel plant in the United States due to President Donald Trump's steel and aluminum tariffs.

"We're really excited to be able to tell our employees in the community in Granite City, Illinois, that we will be calling back 500 employees," Burritt said during an interview with "Squawk Box."

The company will restart two blast furnaces and the steelmaking facilities at its Granite City Works integrated plant in Illinois. The restart process could take up to four months.

Burritt said the facility had been idle since December 2015 because of what he called unfair trade practices. "If you don't have customers here to sell to and you can't make money, you have to shut them down," he contended.

Some on Wall Street and in Washington remain skeptical on whether Trump's tariffs would indeed bring back steel jobs in force. They've been in a steady decline for years.

Burritt thanked Trump for "courageous leadership" on tariffs.

Last Thursday, the president proposed a plan for import tariffs of 25 percent steel and 10 percent on aluminum, a move seen as a contributing factor to top White House economic advisor Gary Cohn's decision to resign. Cohn, a former No. 2 executive at Goldman Sachs, was against imposing tariffs.

On Wednesday, appearing with Burritt on CNBC, Commerce Secretary Wilbur Ross said the White House is not trying to "blow up the world" with its tariffs, and indicated that Trump would be open to exempting U.S. trading partners Canada and Mexico if a reworked NAFTA can be reached.

"This feels like the beginning of a renaissance for us," said Burritt, a former chief financial officer at heavy equipment maker Caterpillar. "It's really important that we get this right, and now it's finally happening."

Burritt said the strength of the U.S. depended on the tariffs. "You've got to be able to make stuff in the United States. If you take away our ability to make things, you don't really have a society."

"Just think about the way the U.K. used to have a big manufacturing base. It went away. If you don't make stuff, you can't have a strong country. You can't protect yourself and you go by the way of Greece or maybe Puerto Rico," he added.

https://www.cnbc.com/2018/03/07/us-...-bringing-back-jobs-ceo-on-trump-tariffs.html

 

[hembo]

Well, that same move is bound to make 1000(s) jobs disappear in other sector(s) due to similar retaliatory move(s) by other countries.

 

[Actuary]

Good start, but we need to take care of our immigration problem first. Wages have been stagnant for decades due to mass immigration.

 

[Yongpeng Sun-Tastaufen]

Well, that same move is bound to make 1000(s) jobs disappear in other sector(s) due to similar retaliatory move(s) by other countries.

America never traded with China until after 1980. America don't need a single screw from China, to be honest with you. Not a single screw.

 

[Solomon2]

Last Thursday, the president proposed a plan for import tariffs of 25 percent steel and 10 percent on aluminum, a move seen as a contributing factor to top White House economic advisor Gary Cohn's decision to resign. Cohn, a former No. 2 executive at Goldman Sachs, was against imposing tariffs.

I'm encouraged that Trump was willing to show Goldman Sachs the finger and accept the loss of his economic adviser; GS ran a so-called "aluminum commodity conspiracy" for years: link.

I'm not so encouraged that it took this president to call them out on it.

 

[xyxmt]

America never traded with China until after 1980. America don't need a single screw from China, to be honest with you. Not a single screw.

in 1980 US GDP was 2.8 trillion
in 2017 it was 19 trillion

so it seems like US GDP grew fastest when they started trading with China

 

[Yongpeng Sun-Tastaufen]

in 1980 US GDP was 2.8 trillion
in 2017 it was 19 trillion

so it seems like US GDP grew fastest when they started trading with China

In 1940 a fighter plane was 40 thousand. Now it's 80 million. GDP didn't grow by 2,000 times like fighter plane did.

 

[xyxmt]

In 1940 a fighter plane was 40 thousand. Now it's 80 million. GDP didn't grow by 2,000 times like fighter plane did.

have you seen the 1940s fighter plane.

 

[Yongpeng Sun-Tastaufen]

have you seen the 1940s fighter plane.

very spectacular

 

[Hamartia Antidote]

Well, that same move is bound to make 1000(s) jobs disappear in other sector(s) due to similar retaliatory move(s) by other countries.

This is more of a National Security issue.
I don't think losing 1000 jobs making consumer stuff is worth worrying about.

 

[katsung47]

Carrier lays off first 300 employees on 6-month anniversary of Trump's presidency
Tony Cook and James Briggs, IndyStar. ET July 19, 2017


https://www.indystar.com/story/news...month-anniversary-trump-presidency/491205001/

------------------
Carrier plant to lay off 215 workers on Thursday
John Tuohy, john.tuohy@indystar. Jan. 10, 2018


https://www.indystar.com/story/news...745001/?utm_source=dlvr.it&utm_medium=twitter

 

[gangsta_rap]

In 1940 a fighter plane was 40 thousand. Now it's 80 million. GDP didn't grow by 2,000 times like fighter plane did.

That's a topic of its own LOL. Proportionally, air forces in today's era are way smaller yet they have never been as deadly as they are today. I doubt stukas would be able to pull-off the kills that the A10 managed

 

[forsigmar]

It is hilarious, that other countries are angry when America is trying to reopen its steel factories. Like we should just take every third world country's steel, no questions asked.