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Exclusive: Making New From Old

February 16, 2009 12:34 AM

"Only On The Web:" Lesley Stahl saw how steel is recycled at Nucor, 60 tons at a time!

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by abq509 February 26, 2009 1:26 PM EST
DeMicco is in his own world spining his own truth.
Nucor owns Vulcraft, Barker Steel, Ambassador Steel, Harris Steel, Harris Rebar and others and they have had thousands of Lay offs at all levels. Just because you name divisions (Companies wholly owned by Nucor with different names) does not exclude the fact they are employees of Nucor. Those Divisions have had many lay offs at all levels.
While Nucor may want a Buy American Act, it is in joint ventures or partnership with over sea companies like Duferco and Yamato, so they not completly "american" When they needed some world trade, they did buy Harris a Canadaian company, who owns a company In Sir Lanka.
So says thier financials and press releases, DeMicco forgot.
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by dugganmc1 February 16, 2009 4:06 PM EST
In terms of cost-cutting, Ms. Stahl made it clear the steel business has done it''s part--you can''t ask for more than cutting wages in half.
There is another way: If our exchange rate were weaker, it would put our steel on sale for foreigners, without forcing companies to cut wages.
The financial sector tends to make our exchange rate stronger than it otherwise would be. If the only source of foreign exchange for the US were exports, we would have had to depreciate our exchagne rate long ago, back in the 1980s, in order to sell more exports. Since the world has been buying our stocks and bonds, the exchange rate stayed high.
Instead of discussing imposing a "Buy American" clause on our beleaguered industrial sector, we should make it more complicated for foreign investors to buy our assets. This would reduce the value of the dollar, and have the effect of a big sale on all American exports, including steel. It would take some of the pressure off of the steel companies.
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