President Donald Trump congratulated one of the largest steelmakers in the United States after the company announced plans to spend $1.7 billion to $1.8 billion to build a steel mill in the Southwest.
Steel Dynamics announced on Nov. 26 that its board of directors approved the construction of a facility that would create 600 well-paying jobs. The plant, once operational, will produce up to 3 million tons of steel products for the energy, automotive, construction, and appliance industries.
“Steel Dynamics announced that it will build a brand new 3 million ton steel mill in the Southwest that will create 600 good-paying U.S. JOBS,” Trump wrote on Twitter on Nov. 28. “Steel JOBS are coming back to America, just like I predicted. Congratulations to Steel Dynamics!”
Steel Dynamics expects to begin construction on the flat roll steel mill in 2020 after choosing a site and acquiring permits. The plant should be operational by the second half of 2021, according to a timeline provided by the company.
Washington has accused Beijing of dumping steel on the U.S. market at rock-bottom prices. The majority of Chinese steelmakers are state-owned and subsidized, producing a massive amount of steel at a loss. The excess Chinese steel used to end up on the U.S. market, hurting domestic suppliers who couldn’t compete with the artificially low prices.
Trump’s praise for the Fort Wayne, Indiana-based company came on the heels of his criticism of General Motors Co., which announced plans on Nov. 26 to cut up to 15,000 jobs and close five North American plants. The president added that the White House is studying plans for a tariff on imported cars to boost domestic production.