U.S. steel industry urges "buy America" recovery plan

[Adsos Letter]

Source: Reuters

WASHINGTON (Reuters) - The ailing U.S. steel industry is pressing President-elect Barack Obama for a public works plan that could be worth $1 trillion over two years to boost flagging demand for U.S.-made steel, the New York Times reported in Friday's editions.

Daniel DiMicco, chairman and chief executive of Nucor Corp, a giant steel maker, told the paper the industry was asking the incoming administration to "deal with the worst economic slowdown in our lifetime through a recovery program that has in every provision a 'buy America' clause."

The industry supports building mass transit systems, bridges, electric power grids, schools, hospitals and water treatment plants -- all of which would require large amounts of steel.

"We are sharing with the president-elect's transition team our thoughts in terms of the industry's policy priorities," Nancy Gravatt, a spokeswoman for the American Iron and Steel Institute, was quoted as saying.

http://www.breitbart.com/detail.php?ch=Reuters&wfeed=reuters

[aquart]

1. I am totally behind supporting American steel.

Be nice to bring back our tool and die industry, too. You know, so we could actually make things.

[Statistical]

6. The US Steel companies are also very well run.

Nucor is running at 50% capacity and is still (barely) profitable.

How many other industries can have their orders fall by 50% and still stay in the black?

Imagine the margins if the foundries get enough orders to run at max capacity.

[democrank]

2. "Buy America" recovery plan.

Change I can believe in.

[Enthusiast]

3. This is a good start.

But only one in a series of changes to undo the wrongs of the past thirty years.

[Joanne98]

4. We need to get behind this.

[formercia]

5. Protectionism vs. Free Trade.

I can hear them howling already.

[unlawflcombatnt]

7. Let 'em howl

I'm voting for protectionism, and lots of it.