ArcelorMittal still assessing tariff plan - Tri-State News, Weather & Sports

ArcelorMittal still assessing tariff plan

© AM/NS Calvert, Alabama plant (Image: Copyright ArcelorMittal) © AM/NS Calvert, Alabama plant (Image: Copyright ArcelorMittal)

ArcelorMittal, which operates AM/NS in Calvert with Nippon Steel, says it is "assessing the potential impact that the remedies announced may have on our operations and any implications for the global steel industry more widely," when it comes to President Donald Trump's announcement that he intends to impose a 25% tariff on steel imports and a 10% tariff on imports of aluminum.

In a statement released to FOX10 News anchor Bob Grip, ArcelorMittal said, "The significant steelmaking overcapacity that has developed this century, and the rise in exports we have seen from several steel-producing nations, legitimises governments worldwide taking a tough approach to addressing unfair trade practices. We will continue to abide by the rules set by governments and regulators, and understand the desire of governments to support domestic industry".

It continued, "The greater need, however, is to create a truly sustainable global steel industry, and the only way to do this is for steel-producing nations around the world to work together to address global overcapacity. This is a long-term issue but there needs to be a clear focus on delivering significant structural change in our industry."

Alabama First District Representative Bradley Byrne's office told Grip Monday he is waiting to see the final details of the President's action, and that he "is a strong supporter of the U.S. steel industry and wants to make sure any tariffs benefit our local steelmakers and the overall American economy". 

However, the Republican chairman of the Senate Finance Committee told President Trump Tuesday he's concerned that proposed tariffs on steel and aluminum imports would "undermine" the tax cuts Congress recently passed.

Utah Sen. Orrin Hatch, says history has demonstrated repeatedly that consumers ultimately bear the burden of tariffs.

Late Tuesday, top Trump economic adviser Gary Cohn resigned after breaking with President Donald Trump on trade policy.  Cohn, the director of the National Economic Council, has been the leading internal opponent to Trump's planned tariffs on imports of steel and aluminum. 

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