Heard Off the Street: Where are energy firms buying their steel?
When it comes to purchasing steel tubes, the buying habits of domestic energy producers have caused a world of hurt for U.S. steel producers, who expected America’s drive to energy independence would mean more jobs for American workers. Instead, it’s meant a tidal wave of dumped, subsidized imports of steel pipe.
The fact that U.S. energy companies are purchasing roughly equal amounts of American-made and imported steel tubing will, in a matter of days, force U.S. Steel to shut down indefinitely a McKeesport plant and another in Belleville, Texas, putting about 260 people out of work.
“We will continue to fight unfair trade by foreign competitors who are creating a detrimental impact and threat to middle-class paying manufacturing jobs,” U.S. Steel President and CEO Mario Longhi said when he announced the closings in June.
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