Tuesday, June 26, 2018

Largest US nail manufacturer 'on the brink of extinction' because of the steel tariffs

Steel tariffs could force the nation's largest nail manufacturer to close or move to Mexico. The Mid-Continent Nail plant in Poplar Bluff, Missouri, laid off 60 of its 500 workers last week because of increased steel costs. The company blames the 25% tariff on imported steel. Orders for nails plunged 50% after the company raised its prices to deal with higher steel costs. The company is in danger of shutting production by Labor Day unless the Commerce Department grants it an exclusion from paying the tariffs, company spokesman James Glassman told CNN's Poppy Harlow. Mid-Continent Nail is "on the brink of extinction," he said. Glassman said the company might relocate to Mexico, where it could buy the steel without the tariffs — and then export the finished nails back to the United States without tariffs, which only apply to raw materials...MORE

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