Eastern Railroad Discussion > India's JSW Steel plans to restart Mingo Jct. mill

OK boys, time to rip each other to shreds again with another tariff pow-wow, this time over the restart of the former Wheeling-Pittsburgh mill at Mingo Jct., OH:

https://businessjournaldaily.com/jsw-steel-invest-500m-acero-junction/

No more blast furnaces, but there's a fairly new EAF onsite and they may put another one there with the potential to produce 3MT of steel annually. At least $500 million to be spent. Not bad for another mill left for dead a few years ago.

JG



Edited 2 time(s). Last edit at 06/23/18 07:02 by jgilmore.

This can only be good news for NS & W&LE.

That five hundred million is likely money from India. Being invested in the US. That's a good thing. I believe Arcelor is also an Indian company.

One under appreciated issue in the tariff controversy is only purchases of goods are being counted. Purchases of services and investments often show a more balanced exchange between countries.

Chinese purchases of mortgage debt and federal notes are a huge element in keeping US financial markets liquid. Same thing with purchases of software, pharmaceutical licensing, etc.

That's too much to put on a bumper sticker, however.

Posted from Android

This is a good thing, but plans like this to restart a mills don't happen overnight...in other words, plans have been in the making long before the tariff bruhaha. Acero Jct bought the mill in 2016 but has been struggling with it, so its good to see some new investment. Here's a more local perspective.

http://www.theintelligencer.net/news/top-headlines/2018/06/mingo-junction-steel-mill-purchase-almost-complete/

Posted from iPhone



Edited 1 time(s). Last edit at 06/23/18 07:44 by DJ-12.

Great news! I hope more of this continues to happen, irregardless of citizens individual political beliefs.

Posted from Android

Actually Arcelor Mittal is a Luxembourg based company.
http://corporate.arcelormittal.com/site-services/contact-us (scroll down for the Luxembourg address)
Their rapid rise in the steel business:
http://corporate.arcelormittal.com/who-we-are/our-history

d.

Lackawanna484 Wrote:
-------------------------------------------------------
 I believe Arcelor is also an Indian
> company.
>
 

That's correct. Lakshmi Mittal's brothers run the Indian steel company. Lakshmi owns about 40% of the Luxembourg steel company Arcelor Mittal.

None the less, this is big outside investment coming into the US market. Revitalizing companies consolidated and stripped by Wilbur Ross and others. Ross made billions buying and shutting down steel and some coal companies.

Posted from Android

Thank you President Trump for making this possible!

Posted from iPhone

Wait till July 1st when the entire G7 nations start slapping tarifs on the U.S. on everything from soybeans to cigarettes. 
Producing things is great but you still have to sell the stuff ! 
You can't tariff your way to prosperity as time will show !
 

Mike Bannon
St Catharines, ON



Edited 1 time(s). Last edit at 06/24/18 11:18 by algoma11.

Lackawanna484 Wrote:
-------------------------------------------------------
> That's correct. Lakshmi Mittal's brothers run the
> Indian steel company. Lakshmi owns about 40% of
> the Luxembourg steel company Arcelor Mittal.
>
> None the less, this is big outside investment
> coming into the US market. Revitalizing companies
> consolidated and stripped by Wilbur Ross and
> others. Ross made billions buying and shutting
> down steel and some coal companies.

That is NOT what Wilbur Ross did.  He did not shut down steel mills, he rescued them.  Ross bought LTV, Bethlhem, Acme, and Weirton Steel out of bankruptcy.liquidation and consolidated them into one viable company.  The US Government foolishly forced the divestiture of the Sparrows Point mill from the company when he sold it.

https://www.nwitimes.com/business/local/mittal-ordered-to-sell-sparrows-point/article_d09aa370-4030-5f8f-b588-555366c9484a.html

At Weirton, it was Mittal Steel that ceased production.

https://www.manufacturing.net/article/2006/01/mittal-steel-usa-ceases-steel-production-weirton west-virginia

algoma11 Wrote:
-------------------------------------------------------
> Wait till July 1st when the entire G7 nations
> start slapping tarifs on the U.S. on everything
> from soybeans to cigarettes. 
> Producing things is great but you still have to
> sell the stuff ! 
> You can't tariff your way to prosperity as time
> will show !

The US, Germany, Japan and many other nations literally tariffed their way to prosperity.

algoma11 Wrote:
-------------------------------------------------------
> Wait till July 1st when the entire G7 nations
> start slapping tarifs on the U.S. on everything
> from soybeans to cigarettes. 
> Producing things is great but you still have to
> sell the stuff ! 
> You can't tariff your way to prosperity as time
> will show !
>  


So then why do other countries use them?

Posted from Android

abyler Wrote:
-------------------------------------------------------
>
> The US, Germany, Japan and many other nations
> literally tariffed their way to prosperity.

Yep.  Prior to 1913 tariffs were the primary source of revenue for the US government...a government that was at times 100% debt-free without a single federal tax levied on any economic activity that took place entirely within our borders.

algoma11 Wrote:
-------------------------------------------------------
> Wait till July 1st when the entire G7 nations
> start slapping tarifs on the U.S. on everything
> from soybeans to cigarettes. 
> Producing things is great but you still have to
> sell the stuff ! 
> You can't tariff your way to prosperity as time
> will show !
>  
On behalf of many Americans who understand that Canada is America's biggest trading partner and a loyal ally, please accept apologies for the Trump's appalling behaviour and reckless statements at the G7 Summit.  I am ashamed and embarrassed that Trump considers Canadian steel a threat to American security.  Please also know that the Leo Gerard, President of the United Steelworkers of America, who otherwise favours restrictions on steel imports into the US, stated that there is no rationale for sanctions on Canada for metals because it plays by the rules.



Edited 1 time(s). Last edit at 06/25/18 04:14 by RuleG.

i will not comment on the tariff stuff. If this is the mill at Mingo Jct, what happened to the W-P mill at Weirton? Neither one is on good mainline service routes to the rest of the country now.

JLinDE Wrote:
-------------------------------------------------------
> i will not comment on the tariff stuff. If this is
> the mill at Mingo Jct, what happened to the W-P
> mill at Weirton? Neither one is on good mainline
> service routes to the rest of the country now.

Weirton Steel was never affiliated with WP, rather it was part of National Steel for many years before being spun off as an ESOP outfit. ISG bought them out of bankruptcy and later AM shut down the "hot side" operations with only rolling mills being used now to produce tinplate (as they had before). I believe AM sends slabs down from Cleveland for their base stock. Part of the problem for those inland mills in the Cleveland-Youngstown-Pittsburgh districts was being farther from iron ore sources and NOT with waterfront access. All the remaining integrated mills except 3 have ship delivery for raw materials.

JG

Posted from Android

I think that America is great , two of my very best friends are American and live in DC and Tenn.and I would stand with them thru anything.
Trump is taking the presidency down to a level never seen.
I am refreshed to know there are some Americans that are troubled by Trump as are we here in Canada.
Thank you for speaking up, lets hope things don't get worse for both sides, this is not how best friends treat each other!.



 

Mike Bannon
St Catharines, ON

The Smoot-Hawley Tariffs Act of 1930 is considered to be a factor exacerbating the Great Depression.

abyler Wrote:
-------------------------------------------------------
> Lackawanna484 Wrote:
> --------------------------------------------------
> -----
> > That's correct. Lakshmi Mittal's brothers run
> the
> > Indian steel company. Lakshmi owns about 40% of
> > the Luxembourg steel company Arcelor Mittal.
> >
> > None the less, this is big outside investment
> > coming into the US market. Revitalizing
> companies
> > consolidated and stripped by Wilbur Ross and
> > others. Ross made billions buying and shutting
> > down steel and some coal companies.
>
> That is NOT what Wilbur Ross did.  He did not
> shut down steel mills, he rescued them.  Ross
> bought LTV, Bethlhem, Acme, and Weirton Steel out
> of bankruptcy.liquidation and consolidated them
> into one viable company.  The US Government
> foolishly forced the divestiture of the Sparrows
> Point mill from the company when he sold it.
>
> https://www.nwitimes.com/business/local/mittal-ord
> ered-to-sell-sparrows-point/article_d09aa370-4030-
> 5f8f-b588-555366c9484a.html
>
> At Weirton, it was Mittal Steel that ceased
> production.
>
> https://www.manufacturing.net/article/2006/01/mitt
> al-steel-usa-ceases-steel-production-weirton
> west-virginia

How many plants and workers were still operating when Ross was finished his consolidation?

I find it ironic that a one time free marketer like Ross is now a tariff pitchman.

Posted from Android

Good news.....