A just-released study shows that the American iron and steel industry supports nearly two million jobs and contributes more than $520 billion to the economy, when considering the direct, indirect supplier and related impacts.
The study, conducted by the research firm of John Dunham & Associates and commissioned by the American Iron and Steel Institute (AISI), shows that the industry generated an estimated $56 billion in federal, state and local taxes and that industry supported workers earned over $130 billion in wages and benefits.
“The American iron and steel industry is a dynamic part of the U.S. economy. This comprehensive analysis provides detailed geographic breakdowns, including at the congressional district level, and is the most accurate snapshot of the full breadth of the economic impact of today’s American iron and steel industry,” said Thomas J. Gibson, president and chief executive officer of AISI. “The results illustrate why strong, pro-manufacturing policies are needed to ensure the sustainability of an industry with such an impactful employment base and robust economic footprint.”
Gibson said that the new study more accurately represents the breadth of the American iron and steel industry by including facilities active in iron ore mining, coke production, ferrous scrap processing, steel mill services, ferrous metal foundry production, steel processing and distribution, and other steel product manufacturing, in addition to iron and steel mills, as was the case in previous studies released more than five years ago. He added that AISI is launching an interactive tool on its website to share detailed data.
Highlights and breakdown of additional steel industry economic contributions include:
•387,000 direct iron and steel industry jobs (iron and steelmaking, steel mill and other steel products, processing, ferrous metals foundries, distribution, materials and mill services)
•716,000 supplier jobs
•878,000 induced (re-spending) jobs
•$207 billion in economic output directly from iron and steel production
•$173 billion in economic output from suppliers to the iron and steel industry
•$56 billion generated in federal, state and local taxes
Published in the July 2018 Edition