Leon Topalian, CEO of steelmaker Nucor told CNBC's Jim Cramer on Friday that oversupply continues to be an issue for the industry, stressing the importance of advocating for legislation that prevents steel dumping.
The oversupply in the world, particularly out of China is significant," he said.
It's been five years since the the Trump administration imposed a 25% tariff on steel imports, targeting foreign countries dumping steel into the U.S. market.
"Their leadership and understanding this industry and not protecting free trade, but fair trade, because it's not just cheap steel, it's illegally subsidized and dumped steel that really harms this nation."
Ahead of earnings, Nucor preannounced lower-than-expected guidance for the current quarter last week, which sent its stock down 6% in a single session.
Persons:
Leon Topalian, steelmaker Nucor, CNBC's Jim Cramer, oversupply, We've, It's, Trump, Topalian, Biden, Gina Raimondo, Katherine Tai, it's
Locations:
China, U.S