Obama to visit ArcelorMittal's US plant
President Barack Obama will visit an ArcelorMittal plant owned by NRI tycoon Lakshmi Mittal on Thursday. ArcelorMittal is the largest supplier of steel to the US' auto sector.
ArcelorMittal's plant in Cleveland not only hired people who lost their jobs during the economic crisis but also created new jobs and President Obama's visit is in recognition of this fact, the White House said. Workers at ArcelorMittal that were furloughed during the downturn in 2008 have been brought back and as a result of new recent investments, the company has hired an additional 150 people, White House officials noted.
Luxembourg-based ArcelorMittal is the world's largest steel producer, besides being the largest supplier of steel to the US auto manufacturing sector. The steel industry relies heavily on demand from auto manufacturers and has been the source of most manufacturing jobs in the US since early 2010, officials said.
When President Obama took office in 2009, the US economy was in freefall and the American auto industry was shedding jobs by the hundreds of thousands. General Motors and Chrysler - iconic brands that long represented American manufacturing prowess - were on the brink of failure.
As a result, steel manufacturers like ArcelorMittal that relied on demand from the auto sector faced extreme hardship. But with a recovery in the US auto industry, big manufacturers like GM and Chrysler have bounced back. The three firms have been adding jobs, generating profits, and investing in their US facilities.
Since June 2009, the US auto industry has added 357,300 jobs, the strongest industry job growth since the 1990s.
"ArcelorMittal's Cleveland plant is a global leader in advanced high-strength steel (AHSS) which not only helps to improve the fuel efficiency of our vehicles, but it also helps the US to become a leader in advanced manufacturing products that will fuel an American manufacturing renaissance," White House officials said.
