The iron ore and 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. The steel industry supports almost two million American jobs. That means 387,000 direct iron and steel jobs, 716,000 supplier jobs and 878,000 induced jobs come from the American steel industry. To learn more about the economic impact of the American iron and steel industry, visit https://www.steel.org/economicimpact
Steelmakers and iron ore producers are responding to the steel tariffs by investing capital in American iron and 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 for the industry.
American Iron and 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.
The American iron and steel industry is the most environmentally compliant in the world. The use of manufactured iron ore pellets and recycled steel as feedstock produce significant environmental benefits as compared to the use of polluting sinter feed iron ore by Chinese steelmakers. Hundreds of millions of dollars invested in pollution control technologies over the decades have led the American iron and steel industry to a position as the global leader in environmental performance.
American Steel is Environmentally Superior: The manufacturing of steel by American mills ensures that steel is produced in way that respects human health and the environment.
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.