The steel industry in the U.S. has been experiencing declining revenues and rising losses. Over half the steel mills have filed for bankruptcy. To remedy the situation, the industry asked the federal government for help with the retirees’ pensions and protection from steel imports. The government imposed tariffs of 8 to 30 per cent to last for three years. Reaction to the tariffs from U.S. trade partners has been negative. The government hopes the industry will take advantage of the break to modernize and become more efficient. The history of the industry, however, sheds doubt on the industry’s ability to overcome past inefficiencies.
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