CHARLOTTE, N.C., March 8, 2018 /PRNewswire/ -- Nucor
Corporation (NYSE: NUE) is pleased that President Trump moved
forward today to implement the tariffs on steel imports he
announced last week. For years, foreign producers have found every
way possible to circumvent our country's trade laws and it is time
for the U.S. government to aggressively use all the tools at its
disposal to ensure our economic security and national defense.
Taking this comprehensive action makes it clear to foreign
competitors that dumping steel products into our market will no
longer be tolerated.
"We thank the President for taking decisive and meaningful
action to address the massive flood of dumped and illegally
subsidized steel imports into the United
States," said John Ferriola, Chairman, CEO and President of
Nucor Corporation. "For too many years, Nucor and other American
steelmakers have dealt with this chronic problem, which is fueled
by foreign governments' subsidies and preferential treatment for
their steel industries in violation of international trade
agreements and free market principles."
The global steel industry has more than 800 million tons of
excess production capacity, approximately half of which is from
China. Foreign government
interference in global steel markets has disrupted trade flows and
created the overcapacity problem. As a result, the U.S. steel
industry has endured a prolonged downturn. While the domestic steel
market was stronger in 2017, this financial performance is not
sustainable if unfairly traded imports are allowed to continue
entering the U.S. market. After tax profits for U.S. steelmakers
still lag behind many other manufacturing sectors. Since 2010, the
U.S. steel industry has averaged an after tax return on sales of
well below 5%, while total U.S. manufacturing has averaged close to
a 10% return on sales.
"The Commerce Department was correct in concluding that
illegally traded imports impair our national security by limiting
the ability of our domestic steel industry to supply national
defense and critical infrastructure needs, and the Trump
Administration is taking the appropriate response to this threat,"
said Ferriola. "Competing on a level playing field will enable us
to keep doing what we have been doing for five decades – invest in
our teammates, our facilities and new technology."
Nucor and its affiliates are manufacturers of steel products,
with operating facilities primarily in the U.S. and Canada.
Products produced include: carbon and alloy steel -- in bars,
beams, sheet and plate; hollow structural section tubing;
electrical conduit; steel piling; steel joists and joist girders;
steel deck; fabricated concrete reinforcing steel; cold finished
steel; steel fasteners; metal building systems; steel grating; and
wire and wire mesh. Nucor, through The David J. Joseph
Company, also brokers ferrous and nonferrous metals, pig iron and
HBI/DRI; supplies ferro-alloys; and processes ferrous and
nonferrous scrap. Nucor is North
America's largest recycler.
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SOURCE Nucor Corporation