Quote (Knoppie @ Mar 8 2018 07:18pm)
^^ little businesses make up for 3bil. And like I said, some are specialized products that need an investment or an extra 25% fee. If that goes through, the EU will make its US imported products more expensive with a similar tariff, making both of us pay more.
Us will gain a few jobs due to investing in specialized presses/equipment/expertise, and lose more due to boeing becoming more expensive compared to airbus, or embaer.
I'm not trying to dis your steel industry, but allow me to put it in perspective.
In 1900 just one steel company (owned by Andrew Carnegie) had profits of $480 million, which in today's dollars is $13 billion, and that was just one company.
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By 1900 the US was the largest producer and also the lowest cost producer, and demand for steel seemed inexhaustible. Output had tripled since 1890, but customers, not producers, mostly benefitted. Productivity-enhancing technology encouraged faster and faster rates of investment in new plants. However, during recessions, demand fell sharply taking down output, prices, and profits. Charles M. Schwab of Carnegie Steel proposed a solution: consolidation. Financier J. P. Morgan arranged the buyout of Carnegie and most other major forms, and put Elbert Gary in charge.
US Steel combined finishing firms (American Tin Plate (controlled by William Henry "Judge" Moore), American Steel and Wire, and National Tube) with two major integrated companies, Carnegie Steel and Federal Steel. It was capitalized at $1.466 billion, and included 213 manufacturing mills, one thousand miles of railroad, and 41 mines. In 1901, it accounted for 66% of America's steel output, and almost 30% of the world's. During World War I, its annual production exceeded the combined output of all German and Austrian firms.
$1.466 billion in 1901 would be equivalent to $40 billion today. And this was all back in 1900.
/e
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United States
Bethlehem Steel in Bethlehem, Pennsylvania was the #2 American producer but after 1970 ignored new technology and imports; it went bankrupt in 2001.
From 1875 to 1920 American steel production grew from 380,000 tons to 60 million tons annually, making the U.S. the world leader. The annual growth rates in steel 1870–1913 were 7.0% for the US; 1.0% for Britain; 6.0% for Germany; and 4.3% for France, Belgium and Russia, the other major producers.[31] This explosive American growth rested on solid technological foundations, assisted by the protective tariff and the continuous rapid expansion of urban infrastructures, office buildings, factories, railroads, bridges and other sectors that increasingly demanded steel. The use of steel in automobiles and household appliances came in the 20th century.
/ee I think most of the reason that the US sort of took over the steel industry was that we had pretty much unlimited supplies of coal, iron ore, coke, etc... all in the northeast part of the country.
This post was edited by Ghot on Mar 8 2018 06:56pm