PITTSBURGH — United States Steel Corp. praised President Donald J. Trump’s steel tariffs, saying the moves would defend American steelmaking.
“Tariffs paired with innovative technology and investment will have U.S. Steel poised to lead a new Golden Age of American steelmaking,” the company told the Business Times in a statement. “America must aggressively confront the global threat posed by Chinese dominance in steel production.”
The 25% tariffs on all imported steel with no exceptions have been praised by many in the steel industry, which has undergone economic challenges over the last several years with the Covid-19 pandemic and also declines in demands and pricing. U.S. Steel (NYSE: X), which employs more than 3,000 people at the Mon Valley Works and its headquarters in downtown Pittsburgh, has not been immune: The company saw lower selling prices and demand in the fourth quarter. It reported a net loss of $89 million, 39 cents a share, in the fourth quarter compared to $80 million, 36 cents a share, a year ago. Revenue was $3.5 billion, down from $4 billion the year prior.
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