During Charlotte, North Carolina-based Nucor's quarterly conference call Thursday, Chairman and CEO Dan DiMicco commented on the current state of the US economy, and recent government activity and legislation. DiMicco said the US economy is still struggling and is unable to move to a path of sustainable growth, which "is not surprising" because of the inability of the administration to implement real solutions--solutions for structural imbalances that are needed to created jobs. DiMicco stressed that the US needs a multi-pronged plan that infrastructure rebuilding and the removal of excessive regulation.
In particular, DiMicco was pleased with the Senate's passage of the currency reform act that will force China to stop undervaluing its currency. However, he emphasized that talk that the bill will cause a trade war is "ludicrous and ignorant, with an emphasis on ignorant." We have been in a trade war with China for about 16 years, he said, and the US is losing miserably, with American manufacturing really feeling the worst effects of China's currency policies.
DiMicco also touched on the recent government decision to uphold the anti-dumping order on foreign plate, including plate from India, Indonesia and Korea, noting that the move is important for the health of the US market. "Free and fair trade is the US plate market is an absolute requirement," he said, and although times are extremely challenging right now, they "are very much under our control."