Factory workers lose jobs as steel tariffs put business in "crisis mode"
S E E D E D C O N T E N T
Steel tariffs that went into effect the first week of June are causing a factory in Missouri to lay off dozens of workers due to lost business from cancelled customer orders.
At the MidContinent Steel and Wire plant in Poplar Bluff, Missouri, where Magnum Fasteners products are made, 60 employees were laid off this month as certain operations were idled due to lost business from increased steel costs.
The company is the largest nail manufacturer in the U.S. and employs hundreds of people in Poplar Bluff. The administration's steel tariffs add a 25 percent penalty to the raw material.
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Company in "crisis mode"
The company is the largest nail manufacturer in the U.S. and employs hundreds of people in Poplar Bluff. The administration's steel tariffs add a 25 percent penalty to the raw material.
"The imposition of these tariffs on our raw materials on June 1st has actually put our operations into a crisis mode," operations general manager Chris Pratt told KFVS in an interview.
One employee laid off last Monday said the layoffs could be a sign of bigger problems at the nail factory, KFVS reported.
Trump:
Trade wars are good and easy to win.
And just announced that a steel plant in South Caroline has reopened because of the tariffs.