Chief Executive of US Steel Corp. Mario Longhi said tariffs on China-made imported steel could be necessary to avert collapse at his business and throughout the sector, The Wall Street Journal reported. “Assume nothing happens, it could put at risk the existence of this industry” in the US, Longhi said. US Steel turned a profit last year after half a decade of losses, but posted a first-quarter loss of US$75 million in April compared with a profit of US$52 million. Longhi blames most of his woes on imports from China in particular; the US imported 615,171 tons of steel from China last quarter, up 25% from the same period in 2014.
You must log in to post a comment.