60 Minutes Preview | 02/13/2009 4:00 pm

On '60 Minutes': Is 'Buy America' Best for ... America? (Video)

On "60 Minutes" this Sunday, I’ll talk to Dan DiMicco, CEO of Nucor, the biggest steelmaker in the United States with 18 plants across the country. Profits have been soaring at Nucor – and in the rest of the steel industry – over the past five years. By mid-2008, Nucor had reached an all-time high … but then they went from feast to famine nearly overnight.

Says DiMicco: "When the credit crisis hit, the water shut off … It was like dominos."

But now steel is at the mercy of Washington again, and DiMicco lobbied hard and passionately for the "buy American" clause in the stimulus package. He believes that the clause will benefit the steel industry, but might also benefit the U.S. economic engine.

Is DiMicco a protectionist? He says no. Watch "60 Minutes" this Sunday and decide for yourself.

Here’s a sneak peek at this Sunday’s episode. I’ll also share with you the lesson we learned taping this week’s show. Watch the video below.

"60 Minutes" airs on CBS Sunday at 7 PM ET/PT.

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42 Reader Comments (so far…) Sign In or Register to comment

This looks good! America is falling. Our money is degrading. Made in America does not mean today what it use to just 25 years ago. If America is to loose it’s abilty to make steel, it will not be long and we will no longer be a country.

By Mark Rowe on 02/13/2009 4:32 pm

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That’s fascinating, Lesley, because the steel industry took as big a hit as the automotive sector during the Bush years. Trade tariffs were the primary culprit, and unfair trading practices.

By James the Game on 02/13/2009 6:46 pm

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When I moved from Pa to TX I started working as a Customs Broker, clearing shipments through U S Customs for companies. My specialty was steel. This fascinated me, because coming from PA, Pittsburgh, Bethlehem, I thought we were the steel producers. But I was handling large vessels coming into the Port of Houston that held nothing but pipe and plate. But back in the 80s and 90s they were paying large tariffs on that steel. I remember writing a check to Customs for over a million dollars for one large shipment. When I went back to work part time in 2004 for the same company I couldn’t believe it, almost all duties had been lifted!!They were bringing in the material for free! This is totally unfair trade.

By Sandbee (FB) 54 on 02/14/2009 10:18 am

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Years ago, American made products were superior to any imported items that were usually cheap, shoddy junk. That’s not always the case anymore. The foreign made products, especially automobiles are better. It’s always an education to shop and check the origin of products you purchase from High end stores to Target and Walmart and see where the were manufactured. That’s where the American jobs are going to places where American manufacturers can hire cheaper labor, use poor quality materials and make bigger profits for their executives.

By JJ GB on 02/14/2009 10:53 am

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On ‘60 Minutes’: Is ‘Buy America’ Best for … America? I dont understand the argument of the American government buying foreign products…… how does that help America?

By Roger from Ohio on 02/14/2009 11:21 am

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Everything in your home is made oversees.

By alex harvey on 02/14/2009 4:59 pm

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The proof is in: When we become protectionist, the other countries retaliate by raising tariffs on American products, and it is a NEGATIVE to our bottom line. The Smoot -Hawley Act of trade protectionism made the economy nose-dive at the beginning of the depression, say most economists. I thought this was a settled argument since the statistics and facts are proof positive.

By Bella Mia on 02/14/2009 3:34 pm

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PS. I noticed you wrote that Profits have soared for steel in the last 5 years. Does Pres. Bush get any credit for this?

By Bella Mia on 02/14/2009 3:35 pm

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They soared until the crisis hit - then the bottom fell out - yep good old Bush.

By Sandbee (FB) 54 on 02/14/2009 5:54 pm

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Sandbee: They soared until the crisis hit… Under the Democratic controlled congress.

By Marjorie C. on 02/15/2009 2:01 pm

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If we only bought American, we’d be walking around naked and shoeless. America produces barely anything that we need for our everyday lives so we have to buy from overseas, as we did for the past many years, with all our dollars going, basically, to China, from whom we now want to borrow them back. (I did try to “buy American” recently and bought a GE phone. The sound quality was so awful (all my friends at the other end complained) that I had to buy a Panasonic phone, which is brilliant in every way.) Not only don’t we make much here but most Americans don’t want to make our clothes and shoes etc. We had many menial jobs but, when locals didn’t want them, illegals picked up the slack. Now, as the menial jobs evaporate, the illegals are drifting home. If Americans had wanted those jobs, illegals wouldn’t have stood a chance in the first place. “Buying American” will never happen because we produce so little and it will be impossible to reverse this trend.

By Sam Mirando on 02/14/2009 4:26 pm

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Buying American while borrowing money from China?……Oh yeah, makes sense to me.

By Diamond In The Rough on 02/14/2009 8:07 pm

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(I did try to “buy American” recently and bought a GE phone. The sound quality was so awful (all my friends at the other end complained) that I had to buy a Panasonic phone, which is brilliant in every way.) By Sam Mirando on 02/14/2009 5:26 pm GE is now being mfg’d overseas, that’s why… NOT TRUE! We had many menial jobs but, when locals didn’t want them, illegals picked up the slack. Now, as the menial jobs evaporate, the illegals are drifting home. If Americans had wanted those jobs, illegals wouldn’t have stood a chance in the first place. NOT TRUE!

By Ro H on 02/15/2009 12:12 am

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Sam: “Buying American” will never happen because we produce so little and it will be impossible to reverse this trend. You are correct. Right now, we are tied to China. They hold our debt, and they expect and depend on us allowing them to flood our markets with their goods. That’s not going to change anytime soon. The other problem is, can an American earning non-union wages afford union-made American goods considering union wages and benefits? We’ve painted ourselves into an unfortunate corner.

By Marjorie C. on 02/15/2009 2:08 pm

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“Buying American” will never happen because we produce so little and it will be impossible to reverse this trend. Thats where you are wrong Sam……. go back 15 or 20 years….. most everything we owned was American made…….. Our military was at one time 100% American made…… when the Republicans took over congress they changed that. What started the turn around was Clinton’s Free Trade Agreement. It was a good idea, but it was implemented wrong. The idea was to raise other countries standard of living up to ours……. instead we lowered our standard of living down to theirs. Clinton did try and improve the FTA but congress blocked it….. Bush took this failed policy and expanded it and made things worse. The trend will be able to be reversed….. but just like everything else…. it will take time.

By Roger from Ohio on 02/14/2009 5:32 pm