Platinum Contributing Member Highmark Posted June 26, 2018 Platinum Contributing Member Share Posted June 26, 2018 (edited) Oops. Winning. https://www.foxbusiness.com/markets/south-carolina-steel-plant-reopened-by-uk-industrialist-avoiding-tariffs British industrialist Sanjeev Gupta’s GFG Industrials on Monday reopened a shuttered South Carolina steel plant in a move that will allow his U.K.-based firm to circumvent the Trump administration’s 25% tariffs on steel imports. Liberty Steel, a London-based company owned by Gupta’s group, held a relaunch ceremony at Georgetown Steel Mill on Monday. The mill originally closed in 2015 and was acquired by Liberty House in 2017, the Myrtle Beach Sun Newsreported. Liberty Steel said the facility would employ about 125 workers at launch and more than 300 workers in the “medium term,” according to a press release. GFG Alliance has vowed to invest more than $5 billion in the U.S. within the next few years. “This is a historic moment in the story of Liberty Steel and GFG,” Gupta said at the ceremony, according to a press release. “It marks our first step into the American market and is as much a milestone for us in the USA as the restart of Liberty Steel Newport after a similar shutdown period was in the UK. That triggered a cascade of major acquisitions, investments and turnaround successes for GFG in the UK. I very much hope and expect that a similar journey has started today for our family in the USA.” Edited June 26, 2018 by Highmark Quote Link to comment Share on other sites More sharing options...
Gold Member BOHICA Posted June 26, 2018 Gold Member Share Posted June 26, 2018 But 20 people that make nails lost their jobs cause they don’t sell enough nails anymore! 1 Quote Link to comment Share on other sites More sharing options...
ICEMAN! Posted June 26, 2018 Share Posted June 26, 2018 Acquired in 2017 This was planned before the tariffs!!!! Oops Quote Link to comment Share on other sites More sharing options...
Gold Member BOHICA Posted June 26, 2018 Gold Member Share Posted June 26, 2018 1 minute ago, ICEMAN! said: Acquired in 2017 This was planned before the tariffs!!!! Oops Ya.... trump has been talking about leveling the trade playing field since he won the presidency back in 2016. The company said this restart is due to the tariffs.... it’s in the first paragraph 1 Quote Link to comment Share on other sites More sharing options...
ICEMAN! Posted June 26, 2018 Share Posted June 26, 2018 3 minutes ago, BOHICA said: Ya.... trump has been talking about leveling the trade playing field since he won the presidency back in 2016. The company said this restart is due to the tariffs.... it’s in the first paragraph And Harley said their move is due to the tariffs Oops Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Highmark Posted June 26, 2018 Author Platinum Contributing Member Share Posted June 26, 2018 4 minutes ago, ICEMAN! said: Acquired in 2017 This was planned before the tariffs!!!! Oops Who was POTUS then? Who was talking getting tough on trade all thru the campaign? Oops. Yet HD made the decision to move in a few weeks. Quote Link to comment Share on other sites More sharing options...
Gold Member BOHICA Posted June 26, 2018 Gold Member Share Posted June 26, 2018 5 minutes ago, ICEMAN! said: And Harley said their move is due to the tariffs Oops And a nail company is laying off a couple people cause of the tariff... oops 1 Quote Link to comment Share on other sites More sharing options...
SmeeAgain Posted June 26, 2018 Share Posted June 26, 2018 4 minutes ago, Highmark said: Who was POTUS then? Who was talking getting tough on trade all thru the campaign? Oops. Yet HD made the decision to move in a few weeks. It's smart business on their part. As soon as they saw the tide coming in, they prepared. As anyone can see, this is a contingency based on Trump's narrative. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Highmark Posted June 26, 2018 Author Platinum Contributing Member Share Posted June 26, 2018 Just now, SmeeAgain said: It's smart business on their part. As soon as they saw the tide coming in, they prepared. As anyone can see, this is a contingency based on Trump's narrative. Harley was going to move production of European models there with or without the tariffs. This just gives them a scapegoat. Quote Link to comment Share on other sites More sharing options...
ICEMAN! Posted June 26, 2018 Share Posted June 26, 2018 2 minutes ago, SmeeAgain said: It's smart business on their part. As soon as they saw the tide coming in, they prepared. As anyone can see, this is a contingency based on Trump's narrative. Or maybe just a reaction by a steel company to a strong economy. 3 minutes ago, BOHICA said: And a nail company is laying off a couple people cause of the tariff... oops Likely true, just like the soybean farmers are taking it in the ass as are cranberry farmers and lobster fishermen and pork producers Quote Link to comment Share on other sites More sharing options...
SmeeAgain Posted June 26, 2018 Share Posted June 26, 2018 (edited) 28 minutes ago, ICEMAN! said: Or maybe just a reaction by a steel company to a strong economy. Possible, but far more likely they can make more money by putting a plant here to avoid the tariffs. Quote Likely true, just like the soybean farmers are taking it in the ass as are cranberry farmers and lobster fishermen and pork producers I spoke to a friend who has a big operation (for here). They farm about 8000 acres I believe. I asked him about the Soys. He said it hasn't impacted them in the slightest as they're still dealing with contracts already written. New contracts haven't changes according to him. He's not concerned in the slightest. As a matter of fact: they just tilled up 500 acres of wheat this spring and put in soys because of the higher return even considering the costs of the wheat to begin with. This was two weeks ago. I doubt much ahs changed since then. Edited June 26, 2018 by SmeeAgain 1 Quote Link to comment Share on other sites More sharing options...
XC.Morrison Posted June 26, 2018 Share Posted June 26, 2018 39 minutes ago, ICEMAN! said: Acquired in 2017 This was planned before the tariffs!!!! Oops Exactly. I love how the Trumpsters have inadvertently shot their own argument in the foot as of late and in thread after thread. They keep reciting the line that it’s a such a marginal increase in material cost and been in effect for too short a duration to effect any negative results. But look how quickly and bigly it is eliciting positive change. It’s fuckin hilarious. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Highmark Posted June 26, 2018 Author Platinum Contributing Member Share Posted June 26, 2018 3 hours ago, SmeeAgain said: Possible, but far more likely they can make more money by putting a plant here to avoid the tariffs. I spoke to a friend who has a big operation (for here). They farm about 8000 acres I believe. I asked him about the Soys. He said it hasn't impacted them in the slightest as they're still dealing with contracts already written. New contracts haven't changes according to him. He's not concerned in the slightest. As a matter of fact: they just tilled up 500 acres of wheat this spring and put in soys because of the higher return even considering the costs of the wheat to begin with. This was two weeks ago. I doubt much ahs changed since then. Not only that but many purchase price protection insurance which definitely covers them on the fall as the prices were set before the tariff talks got going. Quote Link to comment Share on other sites More sharing options...
Anler Posted June 26, 2018 Share Posted June 26, 2018 Will this plant provide at least 60 jobs to offset the 60- $10/hr jobs lost from the nail factory? Quote Link to comment Share on other sites More sharing options...
f7ben Posted June 26, 2018 Share Posted June 26, 2018 21 minutes ago, Nazipigdog said: Will this plant provide at least 60 jobs to offset the 60- $10/hr jobs lost from the nail factory? Only need about 10 steel jobs to offset those Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Highmark Posted June 26, 2018 Author Platinum Contributing Member Share Posted June 26, 2018 (edited) 51 minutes ago, Nazipigdog said: Will this plant provide at least 60 jobs to offset the 60- $10/hr jobs lost from the nail factory? Liberty Steel said the facility would employ about 125 workers at launch and more than 300 workers in the “medium term,” according to a press release. Edited June 26, 2018 by Highmark Quote Link to comment Share on other sites More sharing options...
f7ben Posted June 26, 2018 Share Posted June 26, 2018 (edited) https://www.usnews.com/news/best-states/mississippi/articles/2018-06-26/steel-firm-to-invest-more-than-230m-in-mississippi-mill We have about 2 billion cash on hand and we are going to put the majority of it into US investment this year and next. I was holding out hope they might come up with a board approved way to use our assets in MN but its just not going to happen. Edited June 26, 2018 by f7ben Quote Link to comment Share on other sites More sharing options...
Anler Posted June 26, 2018 Share Posted June 26, 2018 16 minutes ago, f7ben said: https://www.usnews.com/news/best-states/mississippi/articles/2018-06-26/steel-firm-to-invest-more-than-230m-in-mississippi-mill We have about 2 billion cash on hand and we are going to put the majority of it into US investment this year and next. I was holding out hope they might come up with a board approved way to use our assets in MN but its just not going to happen. Indiana is where it's at! Quote Link to comment Share on other sites More sharing options...
f7ben Posted June 26, 2018 Share Posted June 26, 2018 (edited) 2 minutes ago, Nazipigdog said: Indiana is where it's at! We spent 400 million purchasing a cold mill in Terra Haute last month and I am sure we will put quite a bit more money into upgrades there. That place is going to be a money maker and we were already selling them a lot of hot band Edited June 26, 2018 by f7ben Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Rigid1 Posted June 26, 2018 Platinum Contributing Member Share Posted June 26, 2018 4 hours ago, f7ben said: We spent 400 million purchasing a cold mill in Terra Haute last month and I am sure we will put quite a bit more money into upgrades there. That place is going to be a money maker and we were already selling them a lot of hot band That's awesome man, I can tell by your posts you are pumped..Good for you and your future co-workers making good coin.. Quote Link to comment Share on other sites More sharing options...
f7ben Posted June 26, 2018 Share Posted June 26, 2018 Just now, Rigid1 said: That's awesome man, I can tell by your posts you are pumped..Good for you and your future co-workers making good coin.. I love my company ......but I will be moving on from them in the next 6-8 months. I am pretty heartbroken about it. I intended to retire working for them but its not going to happen. Quote Link to comment Share on other sites More sharing options...
AKIQPilot Posted June 26, 2018 Share Posted June 26, 2018 1 minute ago, f7ben said: I love my company ......but I will be moving on from them in the next 6-8 months. I am pretty heartbroken about it. I intended to retire working for them but its not going to happen. Dang. That doesn't sound good. Quote Link to comment Share on other sites More sharing options...
f7ben Posted June 26, 2018 Share Posted June 26, 2018 Just now, AKIQPilot said: Dang. That doesn't sound good. On the contrary .......I'm moving home. Wife and kid are moving back permanently end of August and I am going to finish out this year and maybe work a little into next year. Its going to suck driving back and forth for 5-6 months and then finding a new job but I cant live down here anymore. Quote Link to comment Share on other sites More sharing options...
Gold Member BOHICA Posted June 26, 2018 Gold Member Share Posted June 26, 2018 can't see minnesota being much better then Indiana but there are weird people in this world. Quote Link to comment Share on other sites More sharing options...
f7ben Posted June 26, 2018 Share Posted June 26, 2018 Just now, BOHICA said: can't see minnesota being much better then Indiana but there are weird people in this world. Well its roughly 1000x better in MN and my friends and family are there. Sledding in the winter and the lake in the summer. MN is the best Quote Link to comment Share on other sites More sharing options...
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