The United States’ tariffs on steel imports are indeed improving business at top U.S. steelmaker Nucor, the company’s chairman and CEO, John Ferriola, told CNBC on Tuesday.
“Tariffs on the ‘dumping’ of Steel in the United States have totally revived our Steel Industry,” he wrote. “New and expanded plants are happening all over the U.S. We have not only saved this important industry, but created many jobs. Also, billions paid to our treasury. A BIG WIN FOR U.S.”
And, if you ask Ferriola, the president might just be right. The CEO told Cramer that not only did Nucor have a “record” fourth quarter and 2018, but so did many steel users.
“2018 was a record year for Nucor, but it was also a record year for many of our customers,” Ferriola said. “In fact, it was a very good year for manufacturing in general. When you look at 2018, right now, the manufacturing sector, as a whole, is on pace to earn its highest-margin profit, profit margin, since the beginning of the 21st century. So the manufacturing industry, as a whole, is doing very well. Our customers are doing very well.”
Nucor shares surged 2.79 percent on Tuesday after the company’s earnings announcement. The stock is still roughly $10 per share off its 52-week high of $70.03.