Trump’s Already Spooking Buyers of Foreign Steel, Cliffs Says
- U.S. producers raising prices even before measures implemented
- Eventually action must be taken or it may cost votes: Cliffs
Molten steel is cured from a furnace into a ladle during the metal smelting process at the Quaker City Castings facility in Salem, Ohio, U.S., on Wednesday, Aug. 24, 2016. The U.S. Census Bureau is scheduled to release durable goods figures on August 25.
Photographer: Ty Wright/BloombergPresident Donald Trump’s pledge to safeguard U.S. steelmakers from cheap overseas shipments is already working even as hopes fade of an imminent announcement of measures.
At least that’s what Cliffs Natural Resources Inc. Chief Executive Officer Lourenco Goncalves says is happening as buyers shy away from imported steel in case the White House hands down restrictions that would invoke retroactive penalties. The ensuing increase in demand for domestic metal is allowing U.S. producers to push up prices, he said in a telephone interview.