Michael Siegal on economic trends
From Dealmakers Live with Michael Siegal, Bonus Content · · Smart Business Network
“I think as we have like any pendulum that has gone too far in one direction the pendulum is starting to swing back but very slowly coming back from where it was.”
On , Michael Siegal, Executive Chairman of the Board at OLYMPIC STEEL INC, spoke about economic trends 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."