Donald Trump has been trying swing the voters’ attention from General Motors killing off over 14,000 well-paying jobs. After all, he promised his core that he would bring keep the jobs here and bring back one that had moved to Mexico, China, and other off-shore locations. Maybe he thinks if he says “JOBS” loudly enough, it will drown out the sound of GM employees being laid off. Unfortunately, his latest tweet has a math malfunction:
He tweeted about a new steel mill with “600 good-paying U.S. JOBS:”
‘Steel Dynamics announced that it will build a brand new 3 million ton steel mill in the Southwest that will create 600 good-paying U.S. JOBS. Steel JOBS are coming back to America, just like I predicted. Congratulations to Steel Dynamics!’
Oddly enough, Steel Dynamics lost nine percent on the NASDAQ. The stock market has sucked out most of the money from the middle class. Stocks soared when General Motors killed off thousands of jobs and plummeted on the news of a new steel mill.
The mini-mill operator just announced it intended to spend somewhere between $1.7 billion and $1.8 billion to build a new facility. It will be a “new state-of-the-art electric-arc-furnace (EAF) flat roll steel mill built in the U.S.
When the operation gets up and running, Steel Dynamics new mill will produce “approximately 3.0 millions ton” more steel production capacity. That includes 450,000 additional tons of galvanized steel, the painting of 250,000 more tons, and “various flat roll steel products:”
‘(The mill will offer) various flat roll steel products, including hot roll, cold roll, galvanized, Galvalume (trademarked steel coating) and painted steel, primarily serving the energy, automotive, construction, and appliance sectors.’
There is just one problem. The construction groundbreaking for the new mill was not scheduled to begin until 2020. Investors do not like the steel industry’s arbitrary price and demand swings due to Donald Trump’s trade war.
Featured image is a screenshot via YouTube.