US Steel sees increase in returns with tariffs
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Manufacturing News, Source : TheManufacturer.com
Published : 29 Jan 2003 14:48
Because of the steel tariffs instituted last March by the Bush Administration, US Steel reported a fourth quarter return in profit of $12 million, versus its net losses of $174 million the year before.
US Steel said it has experienced a dramatic improvement in its domestic flat-rolled business, which reported an $8 million increase in revenue against $154 million in net losses in the fourth quarter of 2001.
US Steel remains one of only a few corporations in support of the tariffs. The Motor Equipment Manufacturers Association reported its members have witnessed steel prices skyrocket between 20% and 50% since the tariffs were instituted, causing many companies to consider buying steel from overseas.
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