Nucor CEO Praises Trade Decision, Calls For Sustained Economic Recovery

PR Newswire

CHARLOTTE, N.C. - Nucor Corporation Chairman, President and Chief Executive Officer Dan DiMicco today praised President Obama and United States Trade Representative Ron Kirk for their decision to apply duties on imports of illegally subsidized Chinese tires.

"The Administration's strong action in the Chinese tire case is a victory for rules-based trade, American workers and manufacturers, and our overall economy.  President Obama is setting a course for better and fairer trade between our two countries," said Mr. DiMicco.

"The United States maintains the most open and accessible markets in the world.  Failure to use remedies for violations of World Trade Organization(WTO) rules results in gross distortions in trade and our markets being abused by other governments, which is neither a healthy model for free trade nor a lasting approach to any trade relationship.

"Under WTO rules, the U.S. government can put temporary trade remedies in place to stop our markets from being abused.  China aggressively uses currency manipulation, illegal subsidies and border adjusted taxes to drive their economy through exports while insulating their borders from imports.  Through this decision, the Administration is sending a clear signal to China that it must end its mercantilist trade policy and live up to the rules they agreed to under the WTO for access to our markets.
"Ending unfair trade practices and restoring balance in our trade relationships are essential for meaningful and sustained economic recovery, ending America's job losses and creating the ten million plus jobs needed over the next five years."

Headquartered in Charlotte, N.C., Nucor and affiliates are manufacturers of steel products, with operating facilities primarily in the U.S. and Canada.

Products produced include: carbon and alloy steel - in bars, beams, sheet and plate; steel joists and joist girders; steel deck; fabricated concrete reinforcing steel; cold finished steel; steel fasteners; metal building systems; light gauge steel framing; steel grating and expanded metal; and wire and wire mesh. Nucor, through DJJ, one of the leading scrap companies in the U.S., also brokers ferrous and nonferrous metals, pig iron and HBI/DRI; supplies ferro-alloys; and processes ferrous and nonferrous scrap.  Nucor is North America's largest recycler.