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The CEOs of the three largest American steelmakers are urging US President Donald Trump to resist giving any tariff exemptions on imports of the alloy.
Nine US steel industry executives sent a letter to Trump on March 7, just days before the US is expected to implement a 25% tariff on all steel imports. The letter said prior exemptions given to nations allowed for increased import volumes that damped the original impact of Trump’s duties during his first administration. The CEOs, which include Nucor Corp.’s Leon Topalian, United States Steel Corp.’s David Burritt and Cleveland-Cliffs Inc.’s Lourenco Goncalves, argued that avoiding exemptions was a matter of national security.
“Millions of tons of product-specific exclusions were granted, even for products readily available from domestic suppliers. The result was a weakened US steel industry exposed again to the global steel oversupply crisis,” the letter said. “We urge you to resist any requests for exceptions or exclusions and to continue standing strong on behalf of American steel.”
The letter comes as companies and countries have been lobbying the White House to exempt key trading allies from duties, arguing such levies would raise prices on US consumers. The US steel industry is coming off its worst year since Trump’s first term in office as lackluster construction demand, inflation and high borrowing costs created a triple-whammy on earnings. Imports rose in 2024, but remained below 2021 and 2022 levels, according to Commerce Department data.
The looming threat of tariffs has caused US prices to surge in recent weeks, making it more than 20% more expensive than imported steel. As recently as January, a ton of steel was selling for less than $700 a ton. But by the end of February, domestic producers were said to be quoting customers prices as high as $1,000 — levels not seen since the beginning of last year.
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