John Ferriola – Chairman, Chief Executive Officer and President
Significant work remains to be done to achieve effective enforcement of US trade laws
” Through the first half of 2017, finished steel imports have increased an estimated 15% compared to the same period last year. The estimated finished steel import market share in the months of June 2017 was 29%, matching the record annual level set in 2015. The year-to-date market share for finished steel imports stands at approximately 27%. This is further evidence that traditional trade cases are very often too slow to keep up with the shifting tactics of nations that are abusing the rules of trade. Nucor continues to believe significant work remains to be done to achieve truly effective and timely enforcement of U.S. trade laws. It’s time for comprehensive and broad based remedies that address years of illegal foreign trade practices that have weakened our nation’s economic vitality and our national security.”
Confident in our ability to compete domestically, it’s imports that are concerning
“when I look at the different markets that we are participating in and the advantages that we have in some of those markets, automotive, construction, energy, just being a bunch of – just a couple of names to put out there. We are very confident in our ability to compete extremely well against domestic competitors on a level playing field. The challenge that we have and we will continue to fight, and I know that we will continue to have more success on is with imported products.”
Seeing more support for our trade cases in Washington
” Washington is beginning to understand our elected officials, the administration, beginning to have a better understanding of the consequences of imports not only on our economy but on our national security. And as a result, we are seeing more and more support for trade cases and for more holistic solutions. But particularly on the trade cases, we’re seeing much greater success than we’ve had in the past, quicker turnarounds. There’s been several things that have come to into effect in terms of enforcement that are now supporting the trade cases as they get successfully prosecuted. So yes, I’m confident that we’re getting the handle, getting our hands around imports.”
No doubt that auto has plateaued
“Well, auto weakening is taking place. There’s no doubt that it’s plateaued. I’m hearing numbers around 7.1 units versus 7.5 units, okay. There’s no doubt in my mind that there’s some weakening going to be occurring. It’s only to the effect.”
Construction market still only 65% of where it was
“if we use 2007 as kind of the peak market, I would say we’re somewhere around 65% of where we were back in 2007. So it’s getting better. It’s continuing to improve… we are still hoping for some news on our infrastructure build, which would prolong the cycle.”
Jim Frias
Intensifying pressure from illegally traded steel imports
“This performance was achieved despite intensifying pressure from illegally traded steel imports.”