The steel industry supports almost two million American jobs. That means 387,000 direct iron and steel jobs, 716,000 supplier jobs and 878,00 induced jobs come from the American steel industry.
The steel industry plays a dynamic role in the U.S. economy. The industry accounts for $520 billion in economic output, and generates an estimated $56 billion in federal, state and local taxes. Industry-supported workers also earn more than $130 billion in wages and benefits.
American Steel is an important aspect of millions of Americans lives. It allows them to collect a paycheck, provide for their families and give back to the local economy.
Since the announcement of the steel and aluminum tariffs, companies have been re-opening plants that have been stopped for years. The tariffs are bringing back thousands of employees who had been laid off because of unfair foreign trade practices.
Steelmakers are responding to the steel tariffs by investing capital in American steel production and innovation. Billions of dollars in investments (over a billion in Ohio alone) have already been announced with a lot more opportunity ahead.
President Trump’s pro-growth economic agenda is contributing to a robust economy. Real GDP grew 4.1% in the second quarter, the fastest in almost 4 years, and is tracking at an even stronger pace in the third quarter.