Economy
May 30, 2018
AISI Study Shows Economic Impact of American Iron and Steel Industry
Written by Tim Triplett
The American iron and steel industry supports nearly two million jobs and contributes more than $520 billion to the U.S. economy, when considering the direct, indirect (supplier) and induced impacts of related commerce, claims a study released last week by the research firm John Dunham & Associates. The study also shows that the iron and steel industry generated an estimated $56 billion in federal, state and local taxes and that industry-supported workers earned more than $130 billion in wages and benefits.
The research was funded by the American Iron and Steel Institute, which is a big supporter of President Trump’s steel tariffs and efforts to curb foreign imports. The Trump administration, and AISI, have been criticized for trying to protect the jobs of fewer than 200,000 steelworkers at the expense of the millions employed in steel-consuming industries whose jobs are threatened by higher steel prices. AISI maintains the issue is not that simple.
