The US steel industry is experiencing a golden era of growth and innovation as reduced import pressure has allowed domestic steelmakers to invest in their operations, however it is critical steelmakers remain on their toes to tackle the problems in the industry that persist, US Steel CEO David Burritt said Tuesday.
"In order to capitalize on our present, we need to adapt and in fact leverage the technological and societal changes that are all around us while preserving the values, structures and practices that have served us well in the past," Burritt said Tuesday, delivering the keynote presentation at the 2019 AISTech Conference in Pittsburgh.
The US domestic steel industry is recovering from years of unfair trading practices and issues caused by global steel overcapacity and the Section 232 tariffs on steel imports introduced by US President Donald Trump in March 2018 have allowed US mills to reinvest in their businesses, Burritt said.
"The Trump administration understands the strategically important role the steel industry plays in our national and economic security," Burritt said. "The goal of the 232 remedies is to ensure our national security and create a more level playing field. Since [the tariffs took effect] the domestic industry has been investing in new technology, research and development and our people."
Issues like recruiting a younger workforce and embracing the use of more technology to make data-driven decisions are going to be critical for steelmakers to address in order to survive and have success going forward, Burritt said.
"While much progress has been made in the past year, we should not allow this renaissance to mask the significant challenges we face, including an aging workforce, the break-neck pace of technological changes, competition from new materials and ever-increasing societal expectations for environmental stewardship," Burritt said.
