Nucor praises Mr Arcuri for supporting House Trade Bill

Saturday, 04 Jul 2009

Nucor Corporation has thanked United States Representative Mr Michael Arcuri for standing up for the manufacturing families of New York in opposing the cap and trade bill that narrowly passed the House of Representatives by a three vote margin.

If enacted, the bill will have far reaching ramifications for manufacturers and other industries in the United States, the costs of which range into the hundreds of billions of dollars.

The House Cap & Trade Bill will increase energy rates for both commercial and industrial users, as well as apply new taxes to industries that have long abided by Environmental Protection Agency standards.

Mr Mike Keller GM of Nucor Steel Auburn Inc said that "Nucor Steel Auburn is concerned that this cap and trade bill will result in dramatically higher prices for all types of energy and hamper our global competitiveness. Our competitors in China, Brazil and Russia will not have comparable costs. Congressman Arcuri understands that higher energy costs would have a devastating impact on local manufacturers and jobs in Upstate New York. His 'no' vote shows a deep understanding of the competitive challenges facing the steel industry in these unprecedented economic times. We look forward to working with Congressman Arcuri to strengthen American manufacturing, safeguard the environment and promote a level playing field for US industry and workers."

The bill now goes to the Senate for consideration. Nucor strongly encourages the Senators in the 23 states in which it maintains facilities and employs thousands of workers to oppose the enactment of any laws that will force domestic steel producers to shed jobs and reduce economic output.