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Top Minnesota Business Leaders Discuss Future of Steel Users in Face of Tariffs
May 2002
More than 75 senior executives from the Twin Cities District gathered for a roundtable discussion on steel tariffs this month. Participants included representatives from contract manufacturers, OEMs, steel service centers and other suppliers of equipment and services to the metalforming industry. Companies ranged in size from less than 10 employees to more than 2,000.
In addition, a regional economist from the Federal Reserve Bank of Minneapolis and staff members from the offices of Senator Dayton, Senator Wellstone and Congressman Ramstad were in attendance. Erick Ajax, E.J. Ajax & Sons, Inc., and Mark Erickson, Thomas Engineering Co., organized the successful event.
Attendees had the opportunity to express their concerns about the steel tariffs and explain the toll the tariffs are taking on their businesses. The majority of participants have seen 10-20 percent increases in the cost of raw material, with others experiencing price hikes of 30 percent or more. Many expressed worry about steel shortages and allocations, the ability to compete with foreign companies and the growing likelihood that further layoffs will be necessary in the future.
?We were thrilled to have so many heavy hitters in the industry join us for an honest discussion about the problems steel tariffs are causing,? said Ajax. ?We have seen that it?s not only the smaller companies like mine that are getting hit. These steel tariffs are hurting a broad segment of the economy. All steel consumers are seeing steel price increases and lack of availability.? The congressional staff representatives left the meeting concerned about the potential for enormous job losses in the steel-consuming industry in Minnesota after learning that 248,000 people are employed in the state?s consuming industry. They also mentioned the need to hear more from companies adversely affected by the tariffs. Plans are underway in the Twin Cities District for visits to the local congressional offices to educate members of Congress further about the troubles facing steel users.
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