CONNELL: ALL RIGHT, BOY WHAT A
DAY.
THE DOW REBOUNDING FROM THAT 780
POINT DROP TODAY, ENDING DOWN,
JUST 79 POINTS AT THE END OF THE
SESSION.
CERTAINLY WELL OFF THE LOWS.
YOU HAD THAT REPORT THAT CAME
OUT THAT MELISSA WAS TALKING
ABOUT FROM THE
"WALL STREET JOURNAL" SAYING
THAT THE FED IS CONSIDERING MORE
CAUTIOUS APPROACH TO RATE HIKES.
THAT THE FED IS CONSIDERING MORE
CAUTIOUS APPROACH TO RATE HIKES.
CERTAINLY HELPED MARKET IN THE
END.
YOU HAVE TRADE CONCERNS IN
THERE.
THOSE REMAIN AT TOP OF MIND FOR
INVESTORS, ONE COMPANY THAT
BENEFITED FROM THE PRESIDENT’S
APPROACH ON TRADE IS THE ONE WE
HAVE BEEN VISITING TODAY.
HERE NOW, IN A FOX BUSINESS
EXCLUSIVE INTERVIEW IS DAVID
BURR -- DAVID BURRITT CEO.
>> THANKS FOR COMING OUT.
CONNELL: WE LEARN A LOT COMING
OUT TO BUSINESSES.
ONE OF THE THINGS I LEARNED
ABOUT YOUR BUSINESS, THESE
TARIFFS, CURRENT APPROACH ON
TRADE IS IMPORTANT.
HOW IMPORTANT.
CAN YOU QUANTIFY FOR US?
>> THESE ARE VERY IMPORTANT.
TOOK A COURAGEOUS PRESIDENT WITH
A LOT OF SUPPORT FROM A LOT OF
PEOPLE, DO THE RIGHT THING TO
GIVE US A LEVEL PLAYING FIELD TO
HAVE FAIRER TRADE.
IT HAS BEEN A BIG PLUS FOR US.
CONNELL: HE TALKED SO MUCH ABOUT
IT.
IN FACT I’LL PLAY A SOUND BITE
FOR OUR AUDIENCE.
WE’LL COME BACK AND PRESIDENT
TRUMP, HE MENTIONS YOUR INDUSTRY
ALL THE TIME, HERE IS THE
PRESIDENT EARLY NOVEMBER, BEFORE
THE MIDTERMS.
TAKE A LISTEN.
>> OUR STEEL INDUSTRY IS NOW
THRIVING, GETTING BETTER EVERY
SINGLE DAY.
IT IS JOBS, AND MONEY POURING
INTO OUR COVERS.
IT’S BEAUTIFUL.
CONNELL: DAVID, WHAT HE SAID
THERE WAS, IT’S BEAUTIFUL AND
IT’S JOBS AND IT’S MONEY POURING
INTO OUR COUNTRY.
THAT’S MY QUESTION FOR YOU.
I KNOW YOU’VE BEEN MAKING MORE
MONEY.
THAT’S GREAT.
HOW MANY PEOPLE HAVE YOU HIRED
SINCE TARIFFS WENT INTO PLACE,
AND MORE IMPORTANTLY HOW MANY
PEOPLE DO YOU PLAN TO HIRE NEXT
YEAR?
>> THAT EVENT YOU SAW IS IN
GRANITE CITY WHERE WE OPENED UP
A COUPLE BLAST FURNACE, WE WERE
DELIGHTED TO HAVE THE PRESIDENT
TO BE THERE, TO DEMONSTRATE 800
JOBS WERE ADDED.
YOU HEARD WE HIRED SOME 400
PEOPLE THIS YEAR.
CONNELL: RIGHT.
>> FOR US IS KEY ISSUE IS AROUND
NATIONAL SECURITY, THAT IS WHY
IT IS SO IMPORTANT.
YOU SEE ACROSS THE WHOLE
COUNTRY, NUMBER OF BLUE-COLLAR
JOBS INCREASED.
BEST BLUE-COLLAR.
CONNELL: WILL YOU HIRE MORE
PEOPLE NEXT YEAR?
>> WE’RE HIRING ALL THE TIME.
CONNELL: BECAUSE I SAW A HELP
WANTED SIGN ON MY WAY IN HIRE.
THAT MUST BE A PRETTY GOOD SIGN?
>> WE’RE LOOKING FOR
OPPORTUNITIES TO WHERE WE SERVE
OUR CUSTOMERS BETTER.
WE’LL MAKE SURE WE HAVE THE
RIGHT PEOPLE AT THE RIGHT TIME.
CONNELL: ONE OF THE REASONS I
ASK YOU OR PRESS YOU, I WONDER
WHETHER THE SITUATION, TALKING
ABOUT THE LAST PART OF OUR SHOW,
THE SITUATION WITH TARIFFS IS
TEMPORARY OR PERMANENT?
IN OTHER WORDS THERE IS A THEORY
OUT THERE THE PRESIDENT IS USING
IN OTHER WORDS THERE IS A THEORY
OUT THERE THE PRESIDENT IS USINGTARIFFS AS A NEGOTIATING TACTIC.
TARIFFS AS A NEGOTIATING TACTIC.
THEY MIGHT GO AWAY.
WHAT HAPPENS IF THEY DO?
>> WELL WE DON’T SEE IT AS
NEGOTIATING TACTIC.
WE SEE THESE TARIFFS BEING
ENDURING FOR THE FORESEEABLE
FUTURE.
CONNELL: OKAY.
>> LOOK WHAT THE RESULTS HAVE
BEEN WITH THIS PRESIDENT.
HE IS GETTING A LOT OF THINGS
RIGHT HERE.
CERTAINLY FOR STEEL, IT’S A VERY
GOOD THING.
IF YOU LOOK AT ECONOMY,
OBVIOUSLY A GREAT DEAL FOR THE
ECONOMY.
WHEN YOU LOOK AT EMPLOYMENT,
UNEMPLOYMENT RATE, LESS THAN 4%,
CONTINUES AT A LOW LEVEL.
ACTUALLY LOOK AT PRODUCTIVITY
NUMBERS COMING THROUGH.
YET, YOU CAN’T HELP BUT FEEL
GREAT ABOUT WHAT’S HAPPENED.
DEREGULATION, TAX REFORM, YOU
KNOW, AGAIN, A LOT OF THINGS
HAPPENED.
CONNELL: THAT HAS BEEN TERRIFIC
THIS YEAR.
HAS HE PERSONALLY ASSURED YOU IT
WILL CONTINUE?
YOU TALKED TO PRESIDENT TRUMP.
>> THE PRESIDENT CAN’T GIVE
ANYBODY ASSURANCES.
CONNELL: NOT ABOUT THE ECONOMY.
WHAT ABOUT THE TRADE POLICY HAS
HE ASSURED --
>> I DON’T BELIEVE THE PRESIDENT
CAN GIVE ANYBODY ASSURANCES ON
ANYTHING BUT WE BELIEVE THIS
PRESIDENT WILL NOT BLINK.
WE ARE CONFIDENT THAT HE WILL
CONTINUE TO DO THIS UNTIL WE GET
TO FAIR TRADE.
IT COULD BE QUOTAS A COMBINATION
IT IS NOT SO MUCH ABOUT TARIFFS.
IT COULD BE QUOTAS A COMBINATION
OF THINGS.
CONNELL: OKAY.
>> HE IS DOING TOUGH THINGS TO
GET PEOPLE TO THE TABLE TO HAVE
A CONVERSATION.
A LITTLE BIT OF CARROT, A LITTLE
BIT OF STICK.
EVENTUALLY PEOPLE HAVE COME
AROUND.
WE’VE BEEN IN A TRADE WAR FOR
STEEL FOR 30 YEARS.
CONNELL: RIGHT.
>> WE’RE FINALLY GETTING A
CONVERSATION.
WE’RE HERE WITH YOU NOW.
PEOPLE ARE LISTENING.
THEY UNDERSTAND THIS IS THE
VITAL TO SECURITY OF THE UNITED
STATES.
CONNELL: I GET IT.
YOUR ARGUMENT IS ESSENTIALLY NOT
THAT HEY, WE’RE GOING INTO A
TRADE WAR.
THAT YOU HAVE BEEN ON THE LOSING
END OF ONE AND YOU NEEDED TO
LEVEL THE PLAYING FIELD, I
TOTALLY GET THAT.
ON OTHER SIDE OF IT, YOU HEARD
THIS BEFORE, END-USERS,
COMPANIES BUYING STEEL MADE
HERE, THEY SAY HEY, LISTEN I’M
PAYING MORE NOW.
I HAVE TO PASS ALONG COSTS TO MY
CONSUMERS OR EAT IT, HAVE A
LOWER PROFIT MARGIN.
AND AS A RESULT WE GET DOWN THE
LINE ALL THAT KIND OF THING
COULD SLOW ECONOMIC GROWTH?
>> WE APPRECIATE THE PRICES TO
OUR CUSTOMERS HAVE GONE UP, WE
UNDERSTAND THAT, BUT IF YOU LOOK
AT THE TOTAL INCREASE IN THAT
PRICE, IT IS REALLY NOT
SUBSTANTIAL, FOR AN AUTOMOBILE
FOR EXAMPLE, AVERAGE COST OF CAR
$30,000, THE STEEL IS AROUND
$1000.
IT IS NOT A BIG NUMBER.
EVEN THOUGH PRICES GOING UP NOW,
DO YOU REMEMBER ANYBODY
COMPLAINING ABOUT THE PRICES OF
2015 WHEN THEY DROPPED 40%?
DID YOU HEAR ANYBODY SAYS PRICES
OF CONSUMERS -- I DON’T THINK
SO.
CONNELL: RIGHT.
>> THIS IS EBB AND FLOW YOU HAVE
TO GET YOUR HEAD AROUND, THIS IS
>> THIS IS EBB AND FLOW YOU HAVE
TO GET YOUR HEAD AROUND, THIS IS
VITAL TO NATIONAL SECURITY.
IF YOU DON’T HAVE STEEL, YOU
DON’T HAVE A COUNTRY.
YOU CAN’T HAVE GOOD
MANUFACTURING.
IF YOU WANT TO OUTSOURCE THE
JOB, LET PEOPLE TAKE AWAY THE
ECONOMY YOU WILL NOT HAVE A
FUTURE FOR OUR KIDS.
IF YOU WANT TO BE IN A FIGHT,
YOU WANT IT WHEN YOU’RE TOUGH.
OUR ECONOMY IS HEALTHY.
BRING IT ON, CHINA.
NOW IS THE TIME TO BE SERIOUS.
HOW MANY TIMES DO VERY PASS
THINGS ON TO OUR KIDS.
LET’S SOLVE THIS NOW, NOT KICK
THE CAN DOWN THE ROAD 20 OR 30
YEARS.
CONNELL: I UNDERSTAND PEOPLE
WANTING TO GO AFTER CHINA, WE’RE
IN THE MIDDLE OF THAT TRADE
NEGOTIATION NOW.
SOME SAY PUTTING TARIFFS IN
PLACE ON SO-CALLED ALLIES IS NOT
WAY TO DO IT, CANADA, OTHER
COUNTRIES.
>> THEY ARE ALLIES AND WE REALLY
APPRECIATE THEY’RE ALLIES, WHEN
IT COMES TO STEEL, THEY’RE NOT
ALWAYS GOOD CITIZENS.
THEY’RE BAD ACTORS.
WE HAVE SOUTH KOREA, FOR
EXAMPLE, BASICALLY HAS 40 TO 50%
OF THE IMPORTS IN THE U.S., THEY
EXAMPLE, BASICALLY HAS 40 TO 50%
OF THE IMPORTS IN THE U.S., THEY
ACTUALLY DON’T EVEN HAVE A
DOMESTIC MARKET.
THEY HAVE WORLD CLASS STEEL
FACILITIES BUILT BY THEIR
COUNTRY, RIGHT?
WE ALSO HAVE PEOPLE, WITH THE
"WHACK-A-MOLE" SCENARIO.
CONNELL: YEAH.
>> IF YOU DON’T PUT IT
EVERYWHERE, HOW CAN YOU BRING
THE PROBLEM BACK TO THE SOURCE
WHICH WAS LARGELY WITH, LARGELY
WITH CHINA?
YOU THINK ABOUT IT.
EXCESS CAPACITY OF CHINA IS TWO
TRIALS THE PRODUCTION CAPACITY
IN THE UNITED STATES AND JAPAN.
CONNELL: FINAL POINT, WE’LL WRAP
IT UP HERE, IF YOU’RE SO
OPTIMISTIC TO THE ECONOMY, HOW
MUCH ARE YOU ADDING TO CAPACITY?
HOW AGGRESSIVE ARE YOU NEXT
YEAR?
>> WELL WE ADDED CAPACITY AT
GRANITE CITY FOR SURE.
WHAT WE’RE FOCUSED ON
REVITALIZING ASSETS, WE RUN
ASSETS BETTER WHEN WE SPEND
MONEY ON THEN.
WE SPENT $2 BILLION ON
REVITALIZATION PROGRAM WHICH
GETS US 15% RETURN BY 2020.
WE ARE LOOKING AT ASSETS NOT
WORLD CLASS STANDARDS WE CAN DO
BETTER FOR SAFETY, QUALITY,
DELIVERY AND COST.
WHEN WE FOCUS ON THOSE THINGS,
WE FOCUS ON PEOPLE, WE GET
RESULTS FOR OUR CUSTOMERS AND
OUR STOCKHOLDERS.
CONNELL: THANK YOU VERY MUCH,
TALKING ABOUT WHAT IS A VERY
IMPORTANT ISSUE FOR PEOPLE
AROUND THE COUNTRY.
WE’LL LATER SHOW PEOPLE HOW THE
