Trump praises Steel Dynamics for new billion-dollar steel mill

By U.S. EconomyFOXBusiness

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As President Trump continues to rip into U.S. automaker General Motors for plans to cut jobs and scale back domestic operations, he praised Steel Dynamics on Wednesday for its plans to build a steel mill in the U.S.

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The steel producer – one of the country’s largest – announced plans on Monday to build a flat-roll steel mill in the U.S. with annual production capacity of 450,000 tons. The investment will total as much as $1.8 billion and could create 600 “well-paying” jobs.

While no exact location has been decided for the new facility, Steel Dynamics said it expects it will be located in the Southwest to be able to serve markets both in the U.S. and Mexico. It will base its geographical decision on local infrastructure and incentives.

The mill will mainly serve the energy, auto, construction and appliance sectors, the company said. Production is forecast to begin in 2020, with operations beginning in late 2021.

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Rebuilding the U.S. manufacturing sector has been a primary goal for the Trump administration. He has also imposed tariffs on steel imports in order to bolster the domestic industry, which the government has determined is critical to national security.

Meanwhile, Trump slammed General Motors this week after the company announced plans to slash 15 percent of its workforce, while scaling back domestic production. The president threatened to cut subsidies to the automaker and to impose tariffs on all auto imports.