Steel Companies Reap Profits From Tariffs While Not Raising Pay For Workers

Steelworkers are demanding that employers share the increase in profits from new tariffs.

The Hill reports:

“Leaders of the United Steelworkers union are demanding higher wages from two of the biggest U.S. steelmakers as President Trump‘s tariffs propel industry profits.

‘We feel we need some recognition and to share in the profits of the company,’ said Michael Young, president of the union’s branch for the Midwest plant of U.S. Steel Corp., one of the companies facing down union leaders according to The Wall Street Journal.

The price of steel jumped by more than 30 percent this year after the U.S. levied tariffs on foreign steel, causing profits to rise for the industry generally.

Union leaders say workers aren’t seeing their compensation rise appropriately at U.S. Steel and ArcelorMittal SA, which make up 40 percent of the U.S. production capacity for flat-rolled steel.”

For the rest of the story, visit The Hill here.

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