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  As Bankrupt Steelmaker Shuts Plant, Governor Bemoans Tariffs
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Last EditedRP  Oct 01, 2019 02:40pm
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AuthorJeremy Hill
News DateTuesday, October 1, 2019 04:05:00 PM UTC0:0
DescriptionBayou Steel Group filed for bankruptcy Monday, threatening hundreds of jobs after the company ran low on cash and defaulted on its debt.

The steelmaker idled most of its operations and sought Chapter 11 protection in Delaware, it said in a statement. Close to 400 workers may be impacted by the shutdown of Bayou’s plant near New Orleans, Natalie Robottom, a local government official, said.

Bayou Steel is “particularly vulnerable” to tariffs because it uses imported scrap metal, Louisiana Governor John Bel Edwards said in a statement following the layoffs. Scrap steel imports aren’t subject to tariffs implemented by the Trump administration, but the trade war with China has helped fuel a decline in the price of domestic steel products.
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