Now The US Steel Industry Is In Collapse and Looking For A Massive Government Bailout Of $1 Trillion
To stimulate demand for the key commodity, a report said Friday.
Output of steel has plunged 50 percent since September after posting record profits as construction and auto production have fallen sharply amid a US recession and the global credit crunch, The New York Times reported.
Industry executives are pleading for a huge public infrastructure investment program — of up to one trillion dollars over two years — under president-elect Barack Obama’s proposed stimulus plan, the newspaper said.
“What we are asking,” said Daniel DiMicco, chairman and chief executive of the Nucor Corporation, a giant steel maker, “is that our government deal with the worst economic slowdown in our lifetime through a recovery program that has in every provision a buy America’ clause,” the newspaper quoted him as saying.
Top steel producers 2007 (note the U.S. makes the list only twice)
- 116.4 Mton ArcelorMittal (Global)
- 35.7 Mton Nippon Steel (Japan)
- 34.0 Mton JFE (Japan)
- 31.1 Mton POSCO (South Korea)
- 28.6 Mton Shanghai Baosteel Group Corporation (China)
- 26.6 Mton Tata Steel (Global)
- 23.6 Mton LiaoNing An-Ben Iron and Steel Group (China)
- 22.9 Mton Shagang Group (China)
- 22.8 Mton HeBei Tangshan Iron & Steel Group (China)
- 21.5 Mton United States Steel Corporation (United States)
- 20.2 Mton Wuhan Iron and Steel (China)
- 20.0 Mton Nucor Corporation (United States)
- 18.6 Mton Gerdau (Brazil)
- 17.9 Mton Gruppo Riva (Italy)
- 17.3 Mton Severstal (Russia)
- 17.0 Mton ThyssenKrupp (Germany)
- 16.2 Mton EvrazHolding (Russia)
- 14.2 Mton Magang Group (China)
- 13.9 Mton Steel Authority of India Limited (India)
- 13.8 Mton Sumitomo Metal Industries (Japan)
- 13.3 Mton Magnitogorsk Iron and Steel Works (Russia)
- 13.1 Mton Techint (Argentina/Italy)
- 12.9 Mton Shougang (China)
- 12.1 Mton ShanDong Jinan (China)
- 11.7 Mton ShanDong Laiwu Steel (China)
- 11.1 Mton Valin Steel Group (China)
- 10.9 Mton China Steel (Taiwan)
- 10.1 Mton Imidro (Iran)
- 10.0 Mton Hyundai INI Steel (South Korea)
- 9.7 Mton Novolipetsk (Russia)
- 9.3 Mton ShanXi Taiyuan Iron and Steel Company (China)
- 9.1 Mton Metalloinvest (Russia)
- 9.0 Mton HeNan Anyang Iron & Steel (China)
- 8.8 Mton Inner Mongolia Baotou Steel (China)
- 8.7 Mton Usiminas (Brazil)
- 8.3 Mton Hebei Handan Iron & Steel (China)
- 8.1 Mton Celsa Group (Spain)
- 8.1 Mton Kobe Steel (Japan)
- 7.6 Mton Hebei Tangshan Jianlong (China)
- 7.4 Mton Gansu Jiuquan Iron & Steel Group (China)
Let’s go back a few years: How long has the US Steel Industry been in decline?
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June 30, 2009 - 10:23 AM on June 30th, 2009
[...] did we see in the 1960 era? A major decline in steel manufacturing. Now we are seeing a collapse in the steel industry. That my friend, is what free trade is all [...]