Steel Mills

Ferriola Assured of Trump Support for Tariffs

October 1, 2017

Steel tariffs are still likely from the Trump administration, said Nucor CEO and President John Ferriola. In an interview with Bloomberg, Ferriola said a White House official that regularly meets with the president told him that the topic is brought up by Trump several times a week.

Ferriola said he was told that two or three time a week Trump asks, “Where are my tariffs? What are we doing?”

The decision on the Section 232 investigation on steel imports is taking a back seat to tax reform , but Ferriola thinks actions on steel tariffs should run concurrent with the tax debates. The devastation caused by hurricanes in the Southeast “screams out” for the need for infrastructure improvements, said Ferriola.

Steel imports are up 24 percent year to date through August and imports from China have increased about 7 percent, according to the U.S. Census Bureau. Nucor guidance for third-quarter profit was blunted by the continued flood of imports, falling below analysts’ estimates.

“Since the signing back in April of the original 232 investigation, imports have risen sharply, anticipating action that would prevent them coming in the future,” Ferriola told Bloomberg. “So everyone wanted to get ahead of the mandates, and that’s been a problem for us.”