The steel industry was already in a period of renewal when Trump slapped 25 percent tariffs on steel imports. Trump acted in the name of national security, though he later justified the move as a way to help the steel industry rebuild.
The industry was enjoying gains driven by a strong economy, high demand to fix bridges and infrastructure after several major natural disasters, and an effort by President Barack Obama to limit steel imports from China.
The tariffs sent the price of steel surging more than 33 percent.
“We have a strong U.S. exposure; clearly we are a net beneficiary of the trade actions,” Aditya Mittal, chief financial officer of ArcelorMittal, said in August, according to Bloomberg News. “It’s great to see the two things come together, the improvements we have made as a company as well as the improvements in the market.”
Trump has repeatedly cited the gains as one of the biggest upsides of his trade policy. After he visited the Granite City plant, video circulated of a steelworker being brought to tears by news of the plant’s expansion.
“Trump has supercharged [the sector] with broad-based tariffs,” said Phil Gibbs, a steel industry analyst at KeyBanc Capital Markets.
But while the tariff boon might provide new opportunities for jobs and boost corporate bottom lines, whether it can overcome longer-term factors affecting the livelihoods of steelworkers remains to be seen.
