Michael Siegal on steel industry
From Dealmakers Live with Michael Siegal, Bonus Content · · Smart Business Network
“China and the United States produce the same amount of steel in 2001 and now China makes ten times the amount of steel that we do here in the United States and so we're inundated over the years with unfairly traded imports not only in imports in raw steel but of products that are made of steel.”
On , Michael Siegal, Executive Chairman of the Board at OLYMPIC STEEL INC, spoke about steel industry during Dealmakers Live with Michael Siegal, Bonus Content on Smart Business Network.
About Michael Siegal
Michael Siegal, executive chairman of Olympic Steel, has spoken about the impact of global steel overcapacity on the U.S. industry. In a 2016 testimony before U.S. trade officials, he stated that the crisis originated from "interventionist practices and policies of huge steel players like China," which he said had flooded markets with "dumped and subsidized imports." He called on the U.S. Trade Representative and the Commerce Department to strengthen enforcement of anti-dumping and countervailing duty laws. In a 2018 interview, Siegal said that China now produces ten times the amount of steel as the United States, and he described the situation as an "economic war on the industrial base." He also commented on the Cleveland economy, saying it had transitioned from an industrial town to a medical town, but expressed skepticism about the service economy, stating it is "trading the same dollar over and over again and not really generating GDP growth."