The American steel industry may bring back thousands of jobs now that Donald Trump will be president.
Mario Longhi, the CEO of US Steel Corporation, said the domestic steel industry may be able to rehire up to 10,000 employees who were laid off during the recent economic downturn.
The steel industry has laid off more than 16,000 workers since January 2015, according to the Bureau of Labor Statistics.
Longhi blamed the firings on cheap foreign steel products being illegally dumped in the United States.
Longhi told CNBC’s “Power Lunch” panel that a Trump presidency would boost job growth by easing corporate regulation and providing tax incentives to enable hiring in greater numbers.
“We already structured to do some things, but when you see in the near future improvement to the tax laws, improvements to regulation, those two things by themselves may be a significant driver to what we’re going to do.
I’d be more than happy to bring back the employees we’ve been forced to lay off during that depressive period.”
A quick clip was proudly tweeted by Trump senior advisor Dan Scavino:
— Dan Scavino Jr. (@DanScavino) December 8, 2016
Longhi added that Trump may be able to help the U.S. economy grow at least 3.5% a year (versus the less than 1% GDP growth under Obama), and that too will bolster job growth.
“There was a point in the past couple years that I was having to hire more lawyers to try to interpret these new regulations than I was hiring engineers,” Longhi said. “That doesn’t make any sense.”
You can watch more of Mario Longhi’s interview below:
The US Steel CEO echoed the sentiments of SoftBank CEO Masayoshi Son, who recently agreed to invest $50 billion and create 50,000 new jobs in the United States.
Son is the CEO of SoftBank and the chairman of Sprint. The Korean-Japanese businessman is worth more than $17 billion.
While mainstream media is trying to discredit Trump’s role in the SoftBank deal, Son told reporters that he would not be making the $50 billion investment in the US if Hillary Clinton had been elected:
Son said he wanted to congratulate Trump on his new job. And he wants to help make America great again.
“I just came to celebrate his new job,” Son said. “I said, ‘This is great, the US will become great again.’”
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