Steel Mills
February 14, 2019
Like It or Not, U.S. Steel Industry Commits to New Capacity
Written by Sandy Williams
A strong economy and record profits are stimulating expansion in the U.S. steel industry. Often crediting President Trump for “leveling the playing field” with steel imports, companies like U.S. Steel and Nucor are taking the opportunity to reinvest their windfall in new and upgraded facilities.
Adding capacity in a world that is struggling with steel overcapacity can be a touchy subject for steel executives, who face criticism from those who fear oversupply will hurt steel prices. “We don’t add capacity simply to add capacity,” said Nucor Chairman and CEO John Ferriola. Capacity additions at Nucor “have a very specific, strategic objective—either lowering the cost, moving us up the value chain or getting us into new markets.”
