It’s not surprise to anyone that the steelmaker industry has been rather poor ever since the last recession hit the United States. Although in many other countries, it is actually booming, especially in China. Because of this boom, it had been cheaper for some time to import steel materials from countries like India and Korea than getting them from American Steelmakers. This of course hurt the economy even more, and many families tied to the steel industry for their income.
Fortunately, the Department of Commerce released their results on an investigation around steel pipes used in oil and gas industries. The investigation had many steelmakers rejoicing as it was proven that many pipes and multiple operations for oil and gas have been damaged due to poor quality of steel causing pipes to burst. This could mean that more steel will be drawn from domestic steelmakers in the future.
Steel pipes these days have been seeing more and more use too, because of the American Energy boom attempting to find resources for energy on our own fields. This includes oil fields found in Ohio, and even natural gas pockets that can be harnessed for domestic use. Although what kind of effect this all could have on the domestic steel industry is still largely unknown, we do know that there will be tariffs imposed on any steel that is imported from India, South Korea, Taiwan, Turkey, Ukraine, and Vietnam.
No one is sure if this will have an impact on any other countries that America is receiving imports of steel from, of particular notice is that China was not on that list. It could mean that America will end up buying more steel off China’s surplus rather than getting it from the above sources. Only time will tell for the steel industry though.