Big Steel, a Tariff Winner, Steps Up Its Spending in Washington

WASHINGTON—American steel-making is on a roll—and so are its hired guns in the nation’s capital. Lobbying spending by steel producers, including some foreign firms, jumped last year to $12.2 million, up 20% from 2017 and the highest in at least two decades, according to the Center for Responsive Politics.
Major steel companies pushed the Trump administration to impose tariffs under Section 232 of U.S. trade law, leading to higher prices in the U.S., higher profits and plans to expand capacity. For example, U.S. Steel Corp. said Monday that it plans to resume construction of a new furnace in Alabama. Tom Gibson, president of the American Iron and Steel Institute, the industry’s main trade group, said tariffs and subsequent quotas on imports have helped the U.S. steel industry rebound, but that those gains could evaporate if tariffs are lifted too soon. The Wall Street Journal

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Author: Matthew Randle