Quote:
Originally posted by Sir Taliesin:
Yeah, wonder how many steel jobs that will cost in PA, OH and WV? Anyone got any ideas what an out of work steel worker with a minimal education can do? Hate to see the American Steel Industry finally slide into the briny deep. But I guess it had to go sometime.
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Actually, it could save the industry. Tarriffs keep all the inefficient (unable to compete) steel companies wheezing and puttering along. Without the tarriffs, the ones at the bottom of the barrel will kick, but other more healthy companies can pick up their facilities and compete better.
Yes, some jobs and factories will go. In fact, I'm currently working on a deal where a foreign company is buying a steel company from bankruptcy, and simply intends to pick up the factory and cart it overseas.
However, if the tarriffs stayed in place it would spell doom for the whole industry on down the line.
Besides, let's face it, Unions have really killed the steel industry. A full-time steel worker of 20 years makes upwards of $70K a year. Is that a fair wage? Let us add on his benefits package (which costs a lot because he's going to end up dying of some horrible cancer or debilitative disease he picks up at the ironworks) and you see this employee's loaded cost can be nearly six figures. That makes it hard for the company to eek out a profit.