White House touts US manufacturing outlays

US President Joe Biden highlighted recent new capital investments in manufacturing during a White House event on Thursday March 4, at which Siemens USA president and chief executive officer Barbara Humpton announced a $54-million investment in producing equipment for electrical infrastructure

Siemens’ investment will add 300 manufacturing jobs at locations in California and Texas.

“Folks, a new era for manufacturing is now taking shape in America,” Humpton said in her remarks at the White House event.

Global innovation can be matched with local production to simplify the supply chain in a process called “glocalization,” she said, an approach that merges global innovation with local production that is being adopted to avoid the stretched-out supply chains challenges that emerged during the pandemic.

Biden said that since he took office, auto manufacturers have announced $100 billion in investments in electric vehicles (EVs), including Ford, General Motors, Rivian and Tesla, “our nation’s largest electric vehicle manufacturer.”

He also cited $80 billion in semiconductor manufacturing investments over the same period.

“We’re seeing more jobs, more hope and we’re also seeing something else, the rebirth of pride – the rebirth of pride that comes from stamping products ‘Made in America’ and we’re seeing the revitalization of American manufacturing,” Biden said.

Lonnie Stephenson, international president of the International Brotherhood of Electrical Workers (IBEW), praised the President’s commitment to Made in America and the creation of higher-wage manufacturing jobs.

Last year the Biden administration created a Made in America office at the Office of Management and Budget, headed by Celeste Drake.

Biden cited Intel’s planned investment of $20 billion in a semiconductor manufacturing fabrication plant outside Columbus, Ohio, that will create 7,000 construction jobs and 3,000 manufacturing jobs.

“The average salary [at the Intel plant in Ohio] is going to be $135,000 a year,” Biden said. “If Congress passes the Bipartisan Innovation Act, Intel is ready to increase its investment from $20 billion to $100 billion.”

The President also pointed to General Motors’ announcement of a $7-billion investment to create 4,000 new EV manufacturing jobs at sites across Michigan.

Biden also noted that Boeing and Qatar Airways Group had announced a $20-billion deal that includes $6.8 billion to supply aircraft that will support tens of thousands of US manufacturing jobs.

He also noted an announcement by MP Materials, the operator of the US’ only rare earths mine, that it will invest $700 million by 2025 to establish a fully domestic end-to-end supply chain for magnets used in EV motors, wind turbines and defense systems.

Fastmarkets’ daily steel hot-rolled coil index, fob mill US was calculated at $52.75 per hundredweight ($1,055 per ton) on March 4, up by 3.47% from $50.98 per cwt a day earlier and by 6.57% from $49.50 per cwt on February 25.

To keep up with steel hot-rolled coil price trends throughout 2022, visit our steel and raw materials page.

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