Wary Steelmakers Leave ‘Giant Hole’ in Biden’s U.S. Factory Push
- Producers with cautious view hold back on plant restarts
- Buyers may seek lower-cost overseas supplies as prices jump
Photographer: Allison Farrand/Bloomberg
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U.S. steelmakers’ reluctance to resume full production after pandemic shutdowns threaten to undercut President Joe Biden’s push to support domestic industries.
Producers that shut furnaces in response to falling demand during the early stages of the coronavirus are still operating plants at well below pre-pandemic levels, even as recovering economies and tight supplies drive prices higher. The benchmark price for American steel is at an all-time high.