If you think all those fracking pipes are good for U.S. steel makers, you’re wrong

Drill Pipe - Image Credit - Wikepedia

Drill Pipe – Image Credit – Wikipedia

 – Washington Bureau Chief – Denver Business Journal

America’s energy production boom is turning into a bust for the domestic steel industry because foreign companies are dumping steel on the U.S. market at below-cost prices.

That’s according to a new report from theEconomic Policy Institute and the law firm Stewart and Stewart, which concluded that America’s 583,600 steel-related jobs are at risk if the federal government doesn’t step up enforcement of trade laws.

There’s a glut of steel in the world today, but instead of cutting back production, many foreign steel producers are state-owned or state-controlled, and they keep producing at full capacity in order to keep all their workers employed. America is a prime target for this excess supply, because of the size and openness of the U.S. market.

Continue reading story at The Denver Business Journal

Share Button
Print Friendly
This entry was posted in Economy and tagged , , , , . Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *

*