Where will all the alloys come from to support Biden's US$6 TRILLON budget. The US isn't capable of producing the amount of steel required as the US already imports a huge amount of steel.
Steelmakers on the move after report of Joe Biden's $6T budget proposal
May 27, 2021 12:35 PM ETAA, ATI...By: Carl Surran, SA News Editor53 Comments
- U.S. Steel (X +4.7%) leads a strong rise in steel producers and industrial metal mining stocks after The New York Times reported President Biden is set to propose a $6T budget for FY 2022.
- The spending plans "would expand the federal fiscal footprint to levels rarely seen in the postwar era, to fund investments [including] roads, water pipes, broadband internet, electric vehicle charging stations and advanced manufacturing research," according to the report.
US imported 2,634,000 net tons (nt) of steel in April 2021, including 1,654,000 nt of finished steel (up 14.1% and down 7.6%, respectively, vs. March final data, based on preliminary Census Bureau data. Through the first four months of 2021, total and finished steel imports are 9,263,000 nt and 6,117,000 nt, up 0.8% and 5.1%, respectively.
Column 1 0 US steel imports start to edge up
by alanpatrickryan
Ann: AGM Investor Presentation, page-58
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