U.S. steel industry urges “buy America” recovery plan

[Omaha Steve]

http://www.midatlanticlabor.com/appiesnet/wordpress/?p=706

http://www.reuters.com/article/newsOne/idUSTRE5010C220090102?sp=true

WASHINGTON (Reuters) - The ailing U.S. steel industry is pressing President-elect Barack Obama for a public works plan that could be worth $1 trillion over two years to boost flagging demand for U.S.-made steel, the New York Times reported in Friday’s editions.

Daniel DiMicco, chairman and chief executive of Nucor Corp, a giant steel maker, told the paper the industry was asking the incoming administration to “deal with the worst economic slowdown in our lifetime through a recovery program that has in every provision a ‘buy America’ clause.”

The industry supports building mass transit systems, bridges, electric power grids, schools, hospitals and water treatment plants — all of which would require large amounts of steel.

“We are sharing with the president-elect’s transition team our thoughts in terms of the industry’s policy priorities,” Nancy Gravatt, a spokeswoman for the American Iron and Steel Institute, was quoted as saying.

Obama, who is to be sworn in as president on January 20, has not revealed details of his soon-to-be-announced plan for spurring the weakest economy since the Great Depression more than 70 years ago. Aides have indicated most of the package will probably go into infrastructure spending rather than tax breaks.

“If the president-elect really follows through, he’ll fund a lot of mass transit projects,” said Wilbur Ross, a Wall Street dealmaker who put together a steel conglomerate known as Arcelor Mittal USA.

FULL story at link.

[blue neen]

1. Despite the losses here in the 70's, steel continues to be a big industry in western PA.

It's not just steel manufacturers that would benefit, though. The steel haulers, the iron workers for the bridges, the engineers, etc. and on to the retail sector would also be positively affected.

[madrchsod]

2. i`d be happier if was "buy from american owned steel mills"

but that would hurt the steel workers in the usa.

i`m still pissed cause the chinese undercut the mill i used to work at and i just read they still are undercutting the price of steel in the usa.

fair trade my ass.