Steel Mills have Advocate, Wilbur Ross, Commerce Sec’y

Steel Mills have Advocate, Wilbur Ross, Commerce Sec’y

Here is a recent article from Steel Business briefing. This choice is applauded by both Steel Mill groups and Coal Mining groups as he has experience with both. If you like what President Trump is attempting to do, build more domestic jobs and encourage growth, you should like this pick.

“The US Senate late Monday voted to confirm President Donald Trump’s pick for Department of Commerce secretary, Wilbur Ross, who many in the steel industry have applauded for his knowledge of their industry and a proactive approach to trade.

The Senate voted 72-27 in favor of the Ross appointment with one senator not voting.

In a hearing with senators in January, Ross said he would be in favor of Commerce self-initiating antidumping and countervailing duty investigations to “send a message to the other side that we’re getting more serious about this.”

The burden typically falls on domestic manufacturers to bring cases to Commerce and the US International Trade Commission.

A steel market observer said self-initiating cases is resource-intensive for the government because it needs to accumulate enough evidence for the case not to be “laughable.” Threatening antidumping and countervailing duty investigations might be effective enough to bring companies and governments to the negotiating table, he said.

Tom Gibson, president of the American Iron and Steel Institute, expressed support for Ross’ intent to “use all of the tools at his disposal to ensure a level playing field.”

“He has keen knowledge about the global overcapacity in steel – fueled by foreign government subsidies and other trade-distorting policies and repeated surges in unfairly traded imports,” Gibson said in a statement after the confirmation vote. “His experience as a businessman involved with a number of manufacturing industries facing similar unfair import competition gives him the first-hand knowledge of the critical issues impacting steel and other industries.”

Steel Manufacturers Association President Philip Bell in a statement called Ross “uniquely qualified to work with Congress and other stakeholders to advance a long-term, well-funded infrastructure investment program.”

Ross, 79, has operated businesses in 23 countries and has worked to restructure steel companies and others. He was the chairman of International Steel Group, made up of struggling US integrated mills in the early 2000s, including the former Bethlehem Steel and LTV Steel operations, two of America’s top five producers at the time.

Ross is on ArcelorMittal’s board of directors and is expected to resign from this position.”

— Estelle Tran wrote the article in quotes for Steel Business Briefing

It has been announced that Wilbur Ross has resigned from the board of ArcelorMittal.

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