The March 31 article "Suppliers: Steel tariffs kill jobs permanently" reported on a March 26 hearing before a House Ways and Means subcommittee. Several inches reported that steel tariffs are taking away business. Only a few inches reported the other side.
The article claims that 200,000 American jobs were lost because of the tariff. Automotive News should have known that the study, from which the 200,000 figure came, has long since been discredited.
It reports that Metaldyne laid off 3,000 people and sourced parts to South Korea because of high steel prices. However, in its 2002 10-K, Metaldyne wrote that steel purchases in 2002 were protected by long-term contracts.
On March 26, Timothy Leuliette of Metaldyne testified that his company "experienced a 5 to 10 percent increase in special bar quality material cost in aggregate," not 30 percent claimed by one company in your article.
Steel price increases have been modest, only slightly above the 20-year lows created by illegal dumping practices. Fair reporting requires a look at both sides.
It is incredible that parts suppliers chose the steel tariff - an action by the president based on the law - as the major focus.
Undersecretary of Commerce Grant Aldonas said: "All U. S. manufacturing, and that includes steel, are facing the same challenges. Indeed, steel lies at the heart of American manufacturing. Of the 10 factors working against American manufacturing, steel prices pale in comparison to an overvalued dollar, a slow economy and the trade deficit."
Bias in the Automotive News story hides real issues and encourages energy to be wasted on the wrong problem. It's a disservice to parts suppliers and steel makers alike.