Cleveland-Cliffs Applauds President Trump’s Actions to Address Imports of Laminations and Cores from Electrical Steel
November 02 2020 - 4:50PM
Business Wire
Cleveland-Cliffs Inc. (NYSE: CLF) today praised President
Trump and his Administration for taking action to save 1,400 jobs
at AK Steel’s Butler, Pennsylvania and Zanesville, Ohio operations.
President Trump’s Administration will be moving forward with a
Section 232 action implementing a remedy covering imported
laminations and cores of Grain Oriented Electrical Steel (GOES).
GOES is used in the production of electric transformers that
support the power grid and equipment required by the U.S. military.
In addition, the Administration will take action to address
recently-granted Section 232 product exclusions for more than
40,000 tons of GOES greater than 920 mm wide from South Korea. The
U.S. market only requires 1,400 tons of GOES in that width or
greater.
Imports of laminations and cores have surged into the United
States since the imposition of steel Section 232 tariffs in 2018 as
certain foreign and domestic companies sought to circumvent those
steel tariffs. Cleveland-Cliffs’ wholly-owned subsidiary, AK Steel,
is the sole producer of GOES in the United States, and all of North
America, with the capacity to produce up to 250,000 net tons of
electrical steel annually from plants in Butler, Pennsylvania and
Zanesville, Ohio.
Lourenco Goncalves, Chairman, President and Chief Executive
Officer said, “On behalf of Cleveland-Cliffs and 1,400 workers who
melt and manufacture electrical steel, I strongly commend and thank
President Trump, U.S. Trade Representative Ambassador Robert
Lighthizer, and Secretary of Commerce Wilbur Ross, for taking
action under Section 232 to end the circumvention of existing
national security tariffs covering GOES. Furthermore, I am pleased
that the Department of Commerce will take action to re-evaluate
recently-granted GOES Section 232 product exclusions. These actions
should be viewed as a condemnation of those seeking to circumvent
tariffs and quotas imposed under our trade laws and of companies
abusing the steel Section 232 product exclusion process.”
Cleveland-Cliffs greatly appreciates the leadership and
engagement of Senator Rob Portman (OH), Congressman Mike Kelly
(PA), Congressman Troy Balderson (OH), Senator Bob Casey (PA),
Senator Sherrod Brown (OH) and Congresswoman Marcy Kaptur (OH).
These Congressional leaders have worked tirelessly to preserve
America’s electrical steel industry and maintain 1,400 steel jobs
in Pennsylvania and Ohio. In addition, the advocacy of our UAW
partners at Butler Works and Zanesville Works was critical to
bringing about this positive outcome.
Following these important actions, the dedicated and
highly-skilled workers at AK Steel’s Butler and Zanesville
operations will continue manufacturing the highest-quality
electrical steel products in the world and, in doing so, support
the national and economic security of the United States.
About Cleveland-Cliffs Inc.
Founded in 1847, Cleveland-Cliffs is among the largest
vertically integrated producers of differentiated iron ore and
steel in North America. With an emphasis on non-commoditized
products, the Company is uniquely positioned to supply both
customized iron ore pellets and steel solutions to a
quality-focused customer base. AK Steel, a wholly-owned subsidiary
of Cleveland-Cliffs, is a leading producer of flat-rolled carbon,
stainless and electrical steel products. The AK Tube and Precision
Partners businesses provide customer solutions with carbon and
stainless steel tubing products, die design and tooling, and hot-
and cold-stamped components. In 2020, Cliffs also expects to be the
sole producer of hot briquetted iron (HBI) in the Great Lakes
region. Headquartered in Cleveland, Ohio, Cleveland-Cliffs employs
approximately 11,000 people across mining and steel manufacturing
operations in the United States and Canada. For more information,
visit www.clevelandcliffs.com or www.aksteel.com.
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