Biden’s Rust Belt Revival Plan Risks Luring More Foreign Steel
U.S. steelmakers show no signs of adding blue-collar jobs, while manufacturers seek cheaper supplies from overseas.
A worker welds a structural steel beam during production at the SME Steel Contractors facility in West Jordan, Utah.
Photographer: George Frey/BloombergThis article is for subscribers only.
Arguably the biggest beneficiaries of U.S. President Joe Biden’s plan to spend $620 billion on highways, roads and bridges are the steelmakers.
The Brazilian ones, that is. And the Korean ones. And the Vietnamese and Taiwanese ones. But not so much the once-mighty American steelmakers that Biden — and Donald Trump before him — pledged to revive.