What was once the largest steel mill in the United States has seen its value plummet by 80% in the last decade.
The millwork industry has been decimated in recent years thanks to pollution, the loss of jobs, and the introduction of the so-called “bridge” rule.
The new report by the Institute for the Study of Labor (ISOL) shows that, since 2005, industrial output in the steel industry has dropped by 8.4%.
It’s a significant decline in output, as the steelmaking industry has grown by 7.5% per year since 2005.
The report finds that, in the three years ending in 2020, industrial production dropped by a whopping 44.5%.
While this is a loss of almost $6 billion dollars, the Institute found that, due to pollution and other factors, this loss of output has been even larger in other industries, such as the construction industry, where the overall loss was almost $50 billion dollars.
The Institute for Labor Economics and Policy (ILEP) is a research and advocacy organisation based in the US that provides a global perspective on the economics of the economy.
The report found that in the first half of this decade, the industry’s output declined by more than 4%.
The report comes as the Trump administration is attempting to reduce the number of coal-fired power plants from the current 25 to 16.