The steel industry in America, as well as many other sectors of manufacturing in the United States, are dying to hear some good news finally. The industry has taken blow after crumbling blow over the course of the previous few decades, culminating in many layoffs across the entire sector as a result of the 2008 economic crisis.
In the middle of November, President Barack Obama traveled to Cleveland to deliver an address that will hopefully insert a little confidence back into an economic sector that may be sputtering, but is showing signs of recovery. The president is set to speak on financial recoveries in the domestic auto industry, growing foreign investment in American companies and facilities as well as improvements in fuel-efficiency guidelines for American-made cars.
The growing investment in American companies is evidenced by the setting for President Obama’s talk, as reported in this article by Yahoo! Finance. Cleveland is home to an American steel manufacturing facility owned by ArcelorMittal. Headquartered in Luxembourg, ArcelorMittal is the world’s largest manufacturer of steel. In attendance at Obama’s speech was ArcelorMittal CEO Lakshmi Mittal, a sign of the company’s dedication to the Cleveland region.
There have been more than enough reasons to be pessimistic about the American steel industry, but there is some cause for hope in upcoming years. The auto industry has been bouncing back in a big way, and American carmakers are going to need American steel to keep production steady. Jobs have also been coming back; for example, the Cleveland ArcelorMittal plant has brought back all workers furloughed as a result of the 2008 financial crisis, and has even added about 150 new jobs.
The signs are all pointing in the same direction: manufacturing in America is bouncing back, and it’s being buoyed by foreign investment. With a little more work and dedication, we can bring the much maligned steel industry back to become a strong economic sector once again. Florida Pipe & Steel wants to remind its blog readers to buy American-made steel to help this recovery even more.
*Video courtesy of Soochul Lee