Snake Posted June 23, 2018 Share Posted June 23, 2018 A major investment is kickstarting America’s steel industry. JSW Steel USA plans to invest $500 million to build a new factory in the U.S. Combined with a previous announcement that JSW will modernize an existing plant, the Indian-owned company is making a total investment of $1 billion after President Trump’s tax reform and tariffs on imported steel. “The Trump administration was the driver behind giving us in the U.S. the ability to compete for capital,” JSW Steel USA CEO John Hritz said during a First on FOX Business interview with Edward Lawrence on Thursday. JSW Steel has agreed to acquire an Acero Junction facility in Mingo Junction, Ohio, for $80.9 million. Through its parent company, JSW Group, it’s investing upwards of $500 million in the old Ohio steel plant that was built in 1929, instead of constructing a new facility in India. The project is expected to generate an estimated 300 permanent jobs in a town of just 3,400 people. “We are going to revitalize that facility and that entire community,” Hritz said. https://www.foxbusiness.com/markets/steel-maker-jsw-to-build-new-plant-invest-500m-after-trump-tariffs 1 Quote Link to comment Share on other sites More sharing options...
f7ben Posted June 23, 2018 Share Posted June 23, 2018 Excellent news. I believe several companies have looked at the Mingo site including the one I worked for a deemed it not worth the investment. Hopefully it can be made to work well. Quote Link to comment Share on other sites More sharing options...
ICEMAN! Posted June 23, 2018 Share Posted June 23, 2018 For every job gained in the steel industry, thousands will be lost elsewhere https://mobile.nytimes.com/2018/06/22/us/politics/donald-trump-tariffs-trade-war.html#click=https://t.co/X5tFOQNJGq 1 Quote Link to comment Share on other sites More sharing options...
Usedtoskidoo Posted June 23, 2018 Share Posted June 23, 2018 3 minutes ago, ICEMAN! said: For every job gained in the steel industry, thousands will be lost elsewhere https://mobile.nytimes.com/2018/06/22/us/politics/donald-trump-tariffs-trade-war.html#click=https://t.co/X5tFOQNJGq your such a joy Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member steve from amherst Posted June 23, 2018 Platinum Contributing Member Share Posted June 23, 2018 4 minutes ago, ICEMAN! said: For every job gained in the steel industry, thousands will be lost elsewhere https://mobile.nytimes.com/2018/06/22/us/politics/donald-trump-tariffs-trade-war.html#click=https://t.co/X5tFOQNJGq Good news for us lobster eating fools. 6 yrs ago we could buy em for $5 a lbs. Since the Chinese been buying shitloads they are getting $11 Quote Link to comment Share on other sites More sharing options...
ICEMAN! Posted June 23, 2018 Share Posted June 23, 2018 12 minutes ago, Usedtoskidoo said: your such a joy It’s called reality and the consequences of stupid decisions made by idiots Quote Link to comment Share on other sites More sharing options...
f7ben Posted June 23, 2018 Share Posted June 23, 2018 3 minutes ago, ICEMAN! said: It’s called reality and the consequences of stupid decisions made by idiots Our steel industry was decimated and had more prudent action to protect it been taken by Obama this wouldnt have been necessary. You can lie about all these jobs the tariffs are going to cost us but it's pure BS. Quote Link to comment Share on other sites More sharing options...
ICEMAN! Posted June 23, 2018 Share Posted June 23, 2018 (edited) 2 minutes ago, f7ben said: Our steel industry was decimated and had more prudent action to protect it been taken by Obama this wouldnt have been necessary. You can lie about all these jobs the tariffs are going to cost us but it's pure BS. That new steel plant is going to employ 300 people. That article I posted quotes a business owner that has already laid off 60 people and will likely have to lay off 200 more in the next month. That 300 job gain in the steel industry is wiped out by the layoffs from one small nail manufacturer Edited June 23, 2018 by ICEMAN! Quote Link to comment Share on other sites More sharing options...
f7ben Posted June 23, 2018 Share Posted June 23, 2018 Just now, ICEMAN! said: That new steel plant is going to employ 300 people. That article imposed quotes a business owner that has already laid off 60 people and will likely have to lay off 200 more in the next month. That 300 job gain in the steel industry is wiped out by the layoffs from one small nail manufacturer The nail manufacturer will adapt. The steel jobs probably pay 4x what the nail jobs do. You wanna place a bet on whether that nail producer closes his doors or adapts to a new business climate? Quote Link to comment Share on other sites More sharing options...
f7ben Posted June 23, 2018 Share Posted June 23, 2018 Also that new steel plant will have 300 direct employees making 6 figures but there will be literally 1000s of indirect support jobs created by it. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Jimmy Snacks Posted June 23, 2018 Platinum Contributing Member Share Posted June 23, 2018 (edited) You can't make an omelette without breaking a few eggs so you can't expect this to all be unicorns and fairy dust overnight....this issue has been out of whack for quite some time but in the long run I think it will be a win for The United States. Edited June 23, 2018 by Jimmy Snacks 3 Quote Link to comment Share on other sites More sharing options...
Sael Posted June 23, 2018 Share Posted June 23, 2018 All praise the Cult Of trump...................... Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Jimmy Snacks Posted June 23, 2018 Platinum Contributing Member Share Posted June 23, 2018 Just now, Sael said: All praise the Cult Of trump...................... Nope...if you paid attention you would know that people like Ben are very critical when it is warranted....it's called not being a partisan hack. Try it some time. Quote Link to comment Share on other sites More sharing options...
ICEMAN! Posted June 23, 2018 Share Posted June 23, 2018 3 minutes ago, f7ben said: The nail manufacturer will adapt. The steel jobs probably pay 4x what the nail jobs do. You wanna place a bet on whether that nail producer closes his doors or adapts to a new business climate? You’d better hope so because if what you are hoping doesn’t come to pass it spells baaaaaad news for the US. Since history has a way of repeating itself, I wouldn’t expect this trade war to work out better than past ones though. Quote Link to comment Share on other sites More sharing options...
Mileage Psycho Posted June 23, 2018 Share Posted June 23, 2018 Good news for Mingo Junction! Phase 1 is $250 billion, Phase 2 is dependent on how well Phase 1 goes. My family history in the steel producing industry goes back to 1910 and it truly sucked to watch the mills on the southeast side Chicago like USS Steel South Works, Wisconsin Steel, Republic Steel, etc shutter due to the Japs dumping steel here in the 70's and 80's, but we will have to wait and see how this all pans out, a $250 million investment by an Indian firm is not huge and is not a hard investment for a large corporation to walk away from. I can tell you that I have seen huge price increases in steel products over the past year and I'm sure a good portion of it is gouging, but we also know that the base price of steel has been rising, and of course we have been passing these price increases on. https://ycharts.com/indicators/base_metal_price_index_world_bank Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Jimmy Snacks Posted June 23, 2018 Platinum Contributing Member Share Posted June 23, 2018 2 minutes ago, Mileage Psycho said: Good news for Mingo Junction! Phase 1 is $250 billion, Phase 2 is dependent on how well Phase 1 goes. My family history in the steel producing industry goes back to 1910 and it truly sucked to watch the mills on the southeast side Chicago like USS Steel South Works, Wisconsin Steel, Republic Steel, etc shutter due to the Japs dumping steel here in the 70's and 80's, but we will have to wait and see how this all pans out, a $250 million investment by an Indian firm is not huge and is not a hard investment for a large corporation to walk away from. I can tell you that I have seen huge price increases in steel products over the past year and I'm sure a good portion of it is gouging, but we also know that the base price of steel has been rising, and of course we have been passing these price increases on. https://ycharts.com/indicators/base_metal_price_index_world_bank My dads company did a lot of electrical work downriver at Great Lakes Steel and Ford Rouge...very lucrative. Quote Link to comment Share on other sites More sharing options...
Mileage Psycho Posted June 23, 2018 Share Posted June 23, 2018 14 minutes ago, f7ben said: Our steel industry was decimated and had more prudent action to protect it been taken by Obama this wouldnt have been necessary. You can lie about all these jobs the tariffs are going to cost us but it's pure BS. The steel industry was decimated when Obama was a child, a large part of it was that the Japs were dumping steel, and another large part of it was the decisions of the execs to just whore the profits away from the blast furnaces instead of investing money into arc furnaces that are much more efficient, bonuses were all based on tonnage back then and the mindset was run it till it breaks, it's the steel industry and that's just the way it works. Quote Link to comment Share on other sites More sharing options...
Mileage Psycho Posted June 23, 2018 Share Posted June 23, 2018 2 minutes ago, Jimmy Snacks said: My dads company did a lot of electrical work downriver at Great Lakes Steel and Ford Rouge...very lucrative. Large mill projects could see 300 to 500 construction electricians working 7-12's for months, make hay when the sun is shining!! 1 Quote Link to comment Share on other sites More sharing options...
revkevsdi Posted June 23, 2018 Share Posted June 23, 2018 2 hours ago, Snake said: A major investment is kickstarting America’s steel industry. JSW Steel USA plans to invest $500 million to build a new factory in the U.S. Combined with a previous announcement that JSW will modernize an existing plant, the Indian-owned company is making a total investment of $1 billion after President Trump’s tax reform and tariffs on imported steel. “The Trump administration was the driver behind giving us in the U.S. the ability to compete for capital,” JSW Steel USA CEO John Hritz said during a First on FOX Business interview with Edward Lawrence on Thursday. JSW Steel has agreed to acquire an Acero Junction facility in Mingo Junction, Ohio, for $80.9 million. Through its parent company, JSW Group, it’s investing upwards of $500 million in the old Ohio steel plant that was built in 1929, instead of constructing a new facility in India. The project is expected to generate an estimated 300 permanent jobs in a town of just 3,400 people. “We are going to revitalize that facility and that entire community,” Hritz said. https://www.foxbusiness.com/markets/steel-maker-jsw-to-build-new-plant-invest-500m-after-trump-tariffs https://globalnews.ca/news/4063058/bush-steel-tariffs-trump-trade-war/ whats different this time? Quote Link to comment Share on other sites More sharing options...
ICEMAN! Posted June 23, 2018 Share Posted June 23, 2018 21 minutes ago, revkevsdi said: https://globalnews.ca/news/4063058/bush-steel-tariffs-trump-trade-war/ whats different this time? The year Quote Link to comment Share on other sites More sharing options...
f7ben Posted June 23, 2018 Share Posted June 23, 2018 (edited) 1 hour ago, Mileage Psycho said: The steel industry was decimated when Obama was a child, a large part of it was that the Japs were dumping steel, and another large part of it was the decisions of the execs to just whore the profits away from the blast furnaces instead of investing money into arc furnaces that are much more efficient, bonuses were all based on tonnage back then and the mindset was run it till it breaks, it's the steel industry and that's just the way it works. China's practice of subsidizing state owned steel , currency manipulation , extending capacity well beyond markets ability to absorb and illegal dumping have nothing to do with Obama's childhood. They are recent policies that were exacerbated during Obama's tenure and his limp wristed response to them only served to embolden China further. You have been smacked down repeatedly on your idiotic commentary regarding the steel industry. Your cute anecdotes about your father's generation are better saved for your dinner guests where they may seem relevant amongst the layperson. You aren't all that bright and your dog don't hunt here. Edited June 23, 2018 by f7ben Quote Link to comment Share on other sites More sharing options...
s pump Posted June 23, 2018 Share Posted June 23, 2018 2 hours ago, Mileage Psycho said: Large mill projects could see 300 to 500 construction electricians working 7-12's for months, make hay when the sun is shining!! Thank you Mr. President..... Quote Link to comment Share on other sites More sharing options...
Mileage Psycho Posted June 23, 2018 Share Posted June 23, 2018 49 minutes ago, f7ben said: China's practice of subsidizing state owned steel , currency manipulation , extending capacity well beyond markets ability to absorb and illegal dumping have nothing to do with Obama's childhood. They are recent policies that were exacerbated during Obama's tenure and his limp wristed response to them only served to embolden China further. You have been smacked down repeatedly on your idiotic commentary regarding the steel industry. Your cute anecdotes about your father's generation are better saved for your dinner guests where they may seem relevant amongst the layperson. You aren't all that bright and your dog don't hunt here. You are truly fucking clueless as to what happened the US steel industry, pull your head out of your butt fucked ass and read some history, then go fuck yourself you mental fucking midget. And FTR, mentally you wouldn't make a pimple on my ass Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member steve from amherst Posted June 23, 2018 Platinum Contributing Member Share Posted June 23, 2018 Can ya feel the love , Quote Link to comment Share on other sites More sharing options...
Mileage Psycho Posted June 23, 2018 Share Posted June 23, 2018 23 minutes ago, s pump said: Thank you Mr. President..... Yes, Truman, Ike, JFK, LBJ, Nixon, Ford, Carter, then it went bye bye. Quote Link to comment Share on other sites More sharing options...
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