“Anything steel related, everything we produce, and the coal industry is the essential key components to the steel industry… we are primarily focused on the metallurgical coal assets,” American Resources Corporation CEO Mark Jensen told FOX Business’ Charles Payne on “Varney & Co.” on Tuesday.
Metallurgical coal is used to produce high grade coal --- a vital ingredient the steel making process. The U.S. produces the highest quality metallurgical coal in the world, he said, adding that it could also have a global impact.
“Growth worldwide comes from our products and the steel that we produce is of the highest quality because of the coal -- we’re the essential key component, the key component that enables that to happen. And so without it—it’s our safety as a country, our safety as citizens,” Jensen said.
Jensen also said while he’s not concerned about New York City Mayor Bill de Blasio’s plan to ban inefficient steel and glass skyscrapers it would have an impact on his business.
The U.S. is one of the world's largest producers of raw steel along with China and Japan but in March last year President Trump imposed a 25 percent tariff on steel imports from most countries. Earlier this month, Canada and the U.S. reached a deal to end the tariffs that were being charged by the U.S. on Canadian-made steel and aluminum.