COVID-19 Threatens a Critical Industry and American Workers
In the wake of the COVID-19 pandemic, the United States must take steps now to lay the groundwork for economic recovery for vital U.S. industries like steel.
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Steel is a foundational industry for American manufacturing. Its health is essential to U.S. national security and millions of workers.
China's state-owned steel industry continues to drive a global overcapacity crisis that puts the American steel industry in jeopardy.
Now the economic fallout of the COVID-19 global pandemic is putting steel at even greater risk.
America cannot afford to lose the steel industry. It directly employs 140,000 people and indirectly supports nearly 2 million jobs across the economy, paying over $130 billion in wages and benefits and contributing over $520 billion.
Action is needed to support this critical industry and U.S. manufacturers, including significant investments in infrastructure, strong incentives for American-made autos, shoring up of supply chain vulnerabilities and strong trade enforcement.