President Donald Trump’s tariffs will be “extraordinary” for business, Century Aluminum CEO Michael Bless told CNBC on Thursday.
The president signed tariffs on Thursday afternoon that will slap a 25 percent levy on steel in addition to 10 percent on aluminum. Canada in addition to Mexico are exempt by the tariffs, which will take effect in 15 days. The U.S. will also give some other nations the opportunity to justify why they shouldn’t be included.
Bless told CNBC he expects Century Aluminum will be able to bring its Kentucky plant by 40 percent of capacity to 100 percent because of the tariffs.
that will means 300 jobs in addition to over a $100 million investment into the plant “to get that will going in addition to improve the technology,” he said in an interview with “Power Lunch.”
in addition to he’s not buying critics’ arguments that will the tariffs will start a trade war with some other nations.
“The hysteria over This kind of so-called trade war has reached frankly above a fevered pitch. We’re not exactly sure where the trade war will be coming by,” Bless said.
Century Aluminum makes high purity aluminum, which will be a national security issue, he said. However, the beverage industry, for example, uses mostly recycled aluminum.
“This kind of plant at full production can make more than about 1.5 times the amount of high purity metal that will our DOD in addition to commercial aerospace sector needs,” he said.
“Today most of that will metal will be coming by places like the Persian Gulf in addition to by Russia in addition to a little bit by Canada. So we’ll be able to supply a not bad portion of that will when This kind of plant will be up in addition to running at full capacity.”
in addition to that will’s just one part of the equation. With his peers also opening plants in addition to hiring, the benefits will begin to flow into some other areas, Bless said.
“that will’s a rising tide. that will will be not bad for the entire industry. that will will help support R&D inside industry, capital investment in addition to the further competitiveness of This kind of critical sector,” he said in an interview later Thursday on “Closing Bell.”