Weekly U.S. steel production saw significant gains in the week ending May 11, 2019, up from the same week a year earlier. This was reported by the American Iron and Steel Institute (AISI). In addition, production for the reporting week was marginally higher compared to the previous week.
Domestic steel production in the United States for the week ended May 11, 2019 was 1.927 million tonnes at a capacity utilization rate of 82.8 percent. In addition, production during the week rose marginally by 0.6% over the previous week.
YTD adjusted crude steel production in the country was 35.625 million tonnes. The utilization rate of production capacities averaged 81.8 percent over this period. Production during this period increased by 6.6 percent over the previous year.
« In one year, Tariffs have rebuilt our steel industry - it's booming! We set a 25 percent tariff on discarded steel from China and other countries, and now we have a large and growing industry. We had to save steel for our defense and auto industries, both of which are making a comeback! ", the US President tweeted Tuesday morning.
In one year Tariffs have rebuilt our Steel Industry - it is booming! We placed a 25% Tariff on “dumped” steel from China & other countries, and we now have a big and growing industry. We had to save Steel for our defense and auto industries, both of which are coming back strong!
- Donald J. Trump (@realDonaldTrump) May 14, 2019 .
Since the president implemented his tariff strategy last year, more than 12,700 jobs have been created or saved in smelters and aluminum smelters, The Washington Post reported.
American consumers and companies, however, pay more than $ 900,000 a year for each job saved or created as a result of Trump's tariffs, as calculated by the Peterson Institute for International Economics.
According to the US Department of Labor, this is reportedly more than 13 times the salary of a steelworker.
Trump imposed protective tariffs on steel and aluminum imports from China in 2018.
