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US is losing a trade war in steel to predatory countries like China - Nucor CEO- The 19th China£¨Guangzhou£©Int¡¯l Sheet metal machinery,Forging, Stamping and Setting Equipment Exhibition
7/26/2017 Sheetmetal machinery, Forging, Stamping expo |
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CNBC reported that Nucor CEO John Ferriola sees a much more pressing issue at hand that affects more than just his steel-producing company. Mr Ferriola told "Mad Money" host Jim Cramer on Monday He told "There''s no doubt we''re in a trade war. We are losing that trade war. It is time to take action to support the American industry and the American people. And beyond just the steel industry, we''re talking manufacturing as a whole."
Mr Ferriola said that because foreign competitors are motivated not by profits, but by employment, those countries are effectively trying to export their unemployment" to the United States steel industry, hurting companies doing business stateside.
Moreover, if those competitors'' low-cost imports continue to pressure US steel producers that supply materials for everything from tractors to appliances, Ferriola said they would eventually engulf the whole US market.
He told "There''s no doubt, when you have predatory countries like China, as an example, they will take care of their own appliance [and] tractor industries in China before they worry about supplying steel to those American manufacturers here. Steel is a raw material that''s essential for all manufacturing. You want to make sure you have a strong steel industry to have a strong manufacturing industry."
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The 19th China£¨Guangzhou£©Int¡¯l
Sheet metal machinery,Forging, Stamping and Setting Equipment Exhibition
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