President Donald Trump’s tariff on imported steel is starting to cut into the bottom lines of some companies.
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Joe Casucci, CEO of FJM Ferro Inc., told FOX Business that steel service centers in the Northeast have increased their prices by an estimated 30%.
“It’s kind of a double-edged sword, so it’s both good and bad,” Casucci said during an interview on “Countdown to the Closing Bell” Tuesday.
Although the New York City-based steel fabricator and erector is paying a higher price for steel, there’s been an inflow of contracts from clients who are looking into locking down the lowest possible price.
“We’ve been influxed with a large amount of awards in recent months, which is a benefit to us of course, but we’ve had some wonderful clients also on the backend for our existing contracts,” he told Ashley Webster.
American steel prices have skyrocketed since Trump announced tariffs of 25% on steel and 10% on aluminum in early March.
Casucci said from a business standpoint, he understands the president’s overall objective, but questions when steel prices will hit their peak.
“I understand [Trump] wants to keep it American made. I can appreciate that, I love it,” he said. “When does that escalation stop?”