Demand for steel ‘stolen by illegally traded imports’: Nucor CEO

The demand for steel along with steel products is actually strong, said Nucor CEO John Ferriola, along with President Donald Trump’s fresh tariffs will bring workers back into U.S. factories.

“The problem is actually of which the demand has been stolen by the illegally traded imports, taking up of which fresh demand,” Nucor said Thursday on CNBC’s “Closing Bell.”

“Once we see of which reversed, demand will return, along with we definitely will bring our people back along with increase our utilization along with our employment,” he said.

Earlier on Thursday, Trump signed into law newsteel along with aluminum tariffs.

The controversial tariffs, which are set to begin in 15 days, slap a 25 percent levy on imported steel along with 10 percent on imported aluminum, exempting Mexico along with Canada. The president has said the tariffs are an attempt to correct trade imbalances along with create fair trading practices.

Ferriola, whose company is actually the largest producer of steel along with steel-related products inside the country, said he fully supports the tariffs.

“We’re pleased with [Trump’s] statements of tying the tariffs to a fair resolution to our trade negotiations,” said Ferriola. “of which’s all we’ve ever actually asked for. We want a fair deal, on a reciprocal, level playing field.”

however stocks of the company have been down about 0.4 percent inside the last week as investors fear the worst, including trade wars along with job losses.

Between 2007 along with 2017 the number of manufacturing jobs decreased via 13.5 million to 12.5 million. How many are due to trade along with how many because of automation is actually unclear.

A study published on Monday by The Trade Partnership, an independent economic consulting group, found of which about 33,500 steel jobs would likely be gained via the tariffs. however the item found of which 179,000 jobs would likely be lost, many inside the service industry.

On Wednesday, Austan Goolsbee, former President Barack Obama’s economic advisor, said tariffs actually eliminate jobs, rather than create more. Goolsbee pointed out of which higher prices on steel along with aluminum could lead some companies to cost-cutting measures, including laying off workers along with increasing automation.

Ferriola said fresh jobs for American steel along with aluminum workers will be the greatest impact via the tariffs, resulting in an even stronger economy.

“By getting a fair trade deal, we’ll be able to bring of which increased demand back into our facilities … along with of which means more people working in those factories, longer hours,” he said.

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