Steelmaker that praised Trump tariffs now suing US for relief
Less than a year after JSW Steel (USA) Inc. lauded U.S. metal tariffs for aiding the steel industry, the company is suing because it’s not exempted from the levies.
The producer says the Commerce Department wrongfully denied waivers for steel-slab raw materials, forcing the steelmaker to pay tens of millions of dollars in tariffs. It relies on imports of these materials from India and Mexico because the U.S. doesn’t produce steel slab of sufficient quality or quantity, JSW said in its complaint.
The move comes after Chief Executive Officer John Hritz in October credited the Trump administration’s tariffs for helping pave the way for JSW’s $1 billion U.S. expansion plan, which would triple output at its Texas plant and add a facility in Ohio. Hritz said at the time that the administration had helped stem a “reprehensible deterioration” in the industry, and that the tariffs gave the company a cushion to make major investments.
The point why these guys weren’t given exemptions is to encourage investment in the U.S., and that’s why JSW is building a brand new electric-arc furnace, basically,” Andrew Cosgrove, the senior industry analyst for Bloomberg Intelligence, said in a phone interview. “They’re just going to have to bite the bullet in the interim by importing slabs and paying the tariff.”
https://www.msn.com/en-us/money/companies/steelmaker-that-praised-trump-tariffs-now-suing-us-for-relief/ar-AAFbuBX?li=BBnb7Kz
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Suckers
