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The biggest U.S. nail producer could close at the end of the month as steel tariffs drive up costs
- Categories:Industry trends
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- Time of issue:2020-07-10 10:14
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(Summary description)Mid Continent Nail,the largest US Nail maker,is continuing to cut jobs in response to rising costs due to Mr Trump's steel tariffs and could be forced to close by the end of September if the situation continues,CNNMoney reports.
The biggest U.S. nail producer could close at the end of the month as steel tariffs drive up costs
(Summary description)Mid Continent Nail,the largest US Nail maker,is continuing to cut jobs in response to rising costs due to Mr Trump's steel tariffs and could be forced to close by the end of September if the situation continues,CNNMoney reports.
- Categories:Industry trends
- Author:
- Origin:
- Time of issue:2020-07-10 10:14
- Views:0
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Mid Continent Nail,the largest US Nail maker,is continuing to cut jobs in response to rising costs due to Mr Trump's steel tariffs and could be forced to close by the end of September if the situation continues,CNNMoney reports.
"I can tell you that if we don't get immediate relief,we could close down in the next 20 to 30 days,"Chris Pratt,managing director,said on Tuesday.
In June,the company said it could be forced to shut down before Labor Day,September 3,if it did not get a tariff waiver.But a recent meeting with Wilbur Ross,America's commerce secretary,left them hoping for a waiver.
Mr Pratt said:"Secretary Ross is very sympathetic to our situation,particularly with regard to the 500 jobs that could be lost."Since the steel tariffs went into effect in June,the company has cut 150 of its 500 employees.
Mr Pratt said the tariffs had pushed up the cost of raw materials and forced the company to raise prices for its products,but doing so had led to a sharp drop in orders.
The Commerce Department could rule as soon as Tuesday on an application by The Central Continental Steel Nail Company for exemption from tariffs,but the company's application was inundated with more than 20,000 similar applications,all of which said they could not buy steel and aluminum materials from domestic suppliers.Most companies are still awaiting a ruling.
Midland Steel nails said it could shift production to Mexico,where its parent company DeAcero is based,and then send finished steel nails back to the United States without paying tariffs,since Trump's steel tariffs apply only to raw materials and do not include finished products.
Midland has been in Missouri for more than 25 years.Since it was acquired by DeAcero in 2012,it has roughly doubled in size.Pratt said that before the layoffs,the company was the second-largest employer in Poplar Bluff,Missouri.
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