During the joint address to Congress President Trump said:
We have cleared the way for the construction of the Keystone and Dakota Access pipelines, thereby creating tens of thousands of jobs. And I have issued a new directive that new American pipelines be made with American steel.
But today...
‘Buy American’ Rule for Keystone Pipeline Dropped After Ex-Foreign Steel Exec Became Commerce Secretary
The Trump administration’s decision to exempt the Keystone XL pipeline from “Buy American” rules could benefit one company in particular: the steel giant that newly minted Commerce Secretary Wilbur Ross invested in and helped run for a decade.
Two days after Ross was confirmed, the White House announced that Commerce will not apply those rules to the project. “The Keystone XL Pipeline is currently in the process of being constructed, so it does not count as a new, retrofitted, repaired or expanded pipeline,” a White House spokesperson told Politico.
The pipeline’s exemption from Buy American rules could benefit Luxembourg-based company ArcelorMittal, the world’s largest steel manufacturer. Ross, a billionaire investor and leveraged buyout specialist, sat on the company’s board until Wednesday, and in January disclosed equity holdings of between $750,000 and $1.5 million.
GildTheSwamp.
Sent from my Moto Droid Turbo.
We have cleared the way for the construction of the Keystone and Dakota Access pipelines, thereby creating tens of thousands of jobs. And I have issued a new directive that new American pipelines be made with American steel.
But today...
‘Buy American’ Rule for Keystone Pipeline Dropped After Ex-Foreign Steel Exec Became Commerce Secretary
The Trump administration’s decision to exempt the Keystone XL pipeline from “Buy American” rules could benefit one company in particular: the steel giant that newly minted Commerce Secretary Wilbur Ross invested in and helped run for a decade.
Two days after Ross was confirmed, the White House announced that Commerce will not apply those rules to the project. “The Keystone XL Pipeline is currently in the process of being constructed, so it does not count as a new, retrofitted, repaired or expanded pipeline,” a White House spokesperson told Politico.
The pipeline’s exemption from Buy American rules could benefit Luxembourg-based company ArcelorMittal, the world’s largest steel manufacturer. Ross, a billionaire investor and leveraged buyout specialist, sat on the company’s board until Wednesday, and in January disclosed equity holdings of between $750,000 and $1.5 million.
GildTheSwamp.
Sent from my Moto Droid Turbo.