President Trump boasts that his trade policies are bringing back the steel industry, but recent corporate earnings reports make clear that they're also hurting the bottom line at many manufacturing companies. "We're putting our steel workers back to work at clips that nobody would believe, right?" Trump asked the crowd at an Aug. 1 rally in Pennsylvania. Major American steelmakers have reported higher-than-expected revenue in the second-quarter, thanks in part to Trump's 25 percent tariffs on imported steel. Nucor, the largest US steel company, said in July that its second-quarter earnings more than doubled, partly because of higher steel prices. U.S. Steel has embarked on several large capital projects and has recently reopened two blast furnaces at...
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From Mills To Manufacturers, Steel Tariffs Produce Winners And Losers