Steel Companies Boost Spending on Lobbying

SEATTLE (Scrap Monster): Steel companies last year sharply increased their spending on federal lobbying to $12.18 million, 20 percent more than in 2017 and 48 percent more than in 2016, according to the Center for Responsive Politics.

The biggest spenders were Nucor at $2.23 million, ArcelorMittal at $1.47 million and U.S. Steel at $830,000.

The increase in government relations activity by steel manufacturers occurred amid Trump administration policies that impose a 25 percent tariff on steel imports in the name of national security. Those levies have produced a backlash and some thus far unsuccessful efforts in Congress and the courts to block the tariffs.

“Our job is to keep making our case on this,” American Iron and Steel Institute President Tom Gibson said of the tariffs, according to The Wall Street Journal. The institute spent $552,980 on lobbying in 2018.

The tariffs appear to have significantly boosted the fortunes of steel companies in the United States. Nucor’s net income increased from $1.32 million in 2017 to $2.31 million in 2018, while U.S. Steel’s net income rose from $387,000 in 2017 to $1.12 million in 2018, according to financial reports.

Courtesy: AIIS