Those Steel Promises

Closing Thought–30Dec19

Does anyone remember the promises Trump made in 2016 about the return of our industries like steel?

If you are a Trump supporter you will NOT remember that lie or that promise broken…..

Just to let Americans know…the steel industry is struggling and NOT returning….as a matter of fat it is closing down another plant…..

U.S. Steel Corp. announced this week that it will close a mill near Detroit, laying off more than 1,500 workers as it tries to address financial losses.

The news comes just months after U.S. Steel announced it would be laying off 200 workers at the same mill, Great Lakes Works. 

U.S. Steel said they expect to end the mill’s iron and steelmaking operations by April 1, 2020, with another part of the mill closing by the end of 2020. The estimated job loss is 1,545 workers.

Steel production will instead be shifted to a plant in Gary, Ind., where the company has invested $750 million after both the city and state gave U.S. Steel tax breaks. Those tax breaks aimed to keep at least 3,875 jobs at the plant.

The changes, along with a plan to slash its dividend and suspend stock repurchases, come as the company predicts major losses in the fourth quarter of the year. According to MarketWatch, U.S. Steel reported an adjusted loss of $1.15 a share in the fourth quarter. The number is far more than analysts’ original projection, which put losses at 62 cents a share. 

“We are conscious of the impact this decision will have on our employees, their families, and the local community, and we are announcing it now to provide them with as much time as possible to prepare for this transition,” CEO David Burritt said in a press release.

“These decisions are never easy, nor are they taken lightly.  However, we must responsibly manage our resources while also strengthening our company’s long-term future – a future many stakeholders depend on.  We will be taking steps in the weeks and months ahead to assist impacted employees by providing additional education about benefits available through our company, as well as community resources.”

The announcement comes as steel has been at the center of President Trump‘s ongoing trade war with China. After the first round of tariffs, the White House celebrated domestic steel price increases and Trump said tariffs were rebuilding the industry, but the prices have since seen a sharp decline.

The U.S. and China have closed in on a new trade deal this month, and are working out the final details. Officials said the deal involves lifting some U.S. tariffs on China, while Beijing has agreed to purchase more agricultural products from the U.S.

(thehill.com)

Just another lie that will go unchallenged…..

We hear all the time just how good the economy is doing….but do not ask the steel workers they may crap all over the “good news”….

I Read, I Wrote, You Know

“lego ergo scribo”

9 thoughts on “Those Steel Promises

    1. Dear OG – Earnest Harben —- You are more sensible in your assessment of the situation than the known Trump Haters. The Haters will never give the president a break under any circumstances. Thank you for your candid forthright honesty.

  1. Promises that are made in campaigns and not fulfilled are not always lies. Sometimes the person making the promise had every intention of seeing the promise come to pass but sometimes circumstances are such that it is simply not possible to make the promises happen. This does not constitute a lie. Only a personality with an agenda of opposition to the one making the promises would stoop sow low as to call an unfulfilled campaign promise as a lie. Another example of the combative mindlessness of Trump Haters. How many unbroken promises are left over from other Presidents’ administrations? I will wager it is quite a few. How many of those other presidents were called “Liars” by those who hated them? Probably most!

      1. They are not lies when made by Democrats and their ilk either ….still double standard … still the American Way. (John)

  2. Tax breaks to move factories also goes on here. It is basically ‘buying jobs’ from corporations. It keeps the overall unemployment figures lower, so looks good.
    Best wishes, Pete.

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