SEATTLE (Scrap Monster): John Ferriola, Chairman, CEO & President of Nucor Corporation testified at Steel Caucus hearing on Section 232.

According to him, Nucor posted highest earnings in the history of the company in 2018. The revenues and steel shipments too hit new records during the year. The record performance was mainly fueled by the strength in U.S. dollar.

The Section 232 steel tariffs played a key role by creating a level playing field for the American steel industry. The imports of steel by the country have dropped by more than 4 million tons in 2018. Interestingly, 90% of the decrease took place after full implementation of the tariffs. Lower imports and higher domestic demand boosted local production by additional 5-6 million tons.

In his testimony, Ferriola highlighted statistics to prove that tariffs have really worked. The U.S. manufacturing reported one of the best years in its history in 2018. Profits from the sector hit highest level in past 20 years. Incidentally, manufacturing sector reported biggest job gains since 1997.

The company has announced 10 growth projects at a total capital investment of around $3.5 billion. These projects are expected to complete over the next three years, which in turn will create approximately 1,600 direct jobs and not less than 8,000 indirect jobs. Nearly 6 projects out of the above are expected to come online during 2019, Ferriola said.

Ferriola appreciated the support and leadership of the Congressional Steel Caucus and hoped that 2019 will be another good year for the company.