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U.S. Steel wins tax breaks from one of America's poorest cities
Source: Reuters
BUSINESS NEWS FEBRUARY 8, 2019 / 7:13 AM / UPDATED 4 HOURS AGO
U.S. Steel wins tax breaks from one of America's poorest cities
Rajesh Kumar Singh
8 MIN READ
-snip-
Last year, the city harbored hopes for a revival after President Donald Trump imposed tariffs on steel imports and the company planned a $750 million investment to modernize Gary Works, its largest North American plant.
But it’s now clear those hopes will not translate into new steel jobs, even after the city and state offered the firm a $47 million tax break package.
The whole point of the investment is to make the plant more efficient, so the incentives will help finance a project that city and company officials concede could ultimately result in job losses, not gains.
Gary’s dimmed hopes for a tariff-driven renaissance underscore how the policy has so far provided a windfall for U.S. steel firms but only a marginal benefit to workers and struggling steel towns.
-snip-
U.S. Steel wins tax breaks from one of America's poorest cities
Rajesh Kumar Singh
8 MIN READ
-snip-
Last year, the city harbored hopes for a revival after President Donald Trump imposed tariffs on steel imports and the company planned a $750 million investment to modernize Gary Works, its largest North American plant.
But it’s now clear those hopes will not translate into new steel jobs, even after the city and state offered the firm a $47 million tax break package.
The whole point of the investment is to make the plant more efficient, so the incentives will help finance a project that city and company officials concede could ultimately result in job losses, not gains.
Gary’s dimmed hopes for a tariff-driven renaissance underscore how the policy has so far provided a windfall for U.S. steel firms but only a marginal benefit to workers and struggling steel towns.
-snip-
Read more: https://www.reuters.com/article/us-steel-gary-insight/u-s-steel-wins-tax-breaks-from-one-of-americas-poorest-cities-idUSKCN1PX17D
