President 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.
“We are seeing that happening right now,” said Goncalves, whose company sells iron ore to U.S. mills. “Right now there’s a lot of people who are scared.” Continue Reading →