Higher steel output to help US: study
Jan 25, 2013 | 01:36 PM
| Catherine Ngai
MIAMI Boosting U.S. steel production while consuming raw materials, such as ferrous scrap, domestically rather than shipping them overseas will shrink the U.S. trade deficit while generating more tax revenue, according to a joint analysis by two trade groups.
"The key conclusions of this analysis ... based on standard modeling is that if we were to increase steel production, it would create tens of thousands of new jobs, add billions of dollars to GDP (gross domestic product) and reduce the trade deficit," Alan Price, president of the American Scrap Coalition and partner at Washington-based Wiley Rein LP, told executives Jan. 24 during a presentation at the Steel Manufacturers Associations (SMAs) annual....
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