By Tim Loehrke, ABC News | December 19, 2017 11:55:17 A national industrial steel industry worth $9.6 billion in 2030 is a realistic prospect for an industry that has struggled to generate new jobs and has a history of falling production and cost as demand has waned in the United States.
“The economic prospects for the national steel manufacturing industry are much better than the national industrial coal mining industry,” Mr Loehrer said.
“It is still a long way off, but there is a lot of upside potential in this industry, particularly in light of the continued low oil prices.”
If you look at the steel sector, we have seen a huge drop in steel production, and that is a sign of weakness, not strength.
“If we get oil prices back up again and the economy starts to grow, we should see another recovery in steel, and the economic growth will translate into a strong return on investment for the industry.”
The US steel industry is struggling to grow and has struggled in recent years to meet demand for steel products.
The industry is now the fourth largest source of US jobs and employs more than 8.3 million people, with a job loss estimated at $1 billion a year.
A recent report by the Institute for Supply Management found the industry could lose up to $1bn a year if oil prices remain low.
Mr Lohrer said the industry had not had a real recovery in its manufacturing sector in 30 years.
“That means that we have a long-term structural deficit in the steel industry,” he said.
The report found that the US steel sector had lost nearly 2.5 million jobs between 2000 and 2020.
“With oil prices falling, we will see the steel production increase in 2020, but the industry will need to be careful to avoid losing more than it creates,” Mr Mears said.
”Steel production will not grow quickly enough to replace the steel workers that are now being laid off.
“The institute said there were about 2.8 million steel workers who were unemployed, with the most affected being those in the service sector.