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Largest US nail producer says tariffs driving it out of business

Louisville, Kentucky — The largest nail manufacturer in the US, Mid Continent Nail Corp. ofPoplar Bluff, Missouri, says it is being driven out of business because of theTrump administration's tariffs on imported steel and aluminum.

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Since the tariffs -- 25% on steel and 10% on aluminum -- took effect June1, the plant has lost about 50% of its business and has been forced to lay off60 of its 500 employees, company spokeswoman Elizabeth Heaton told S&P GlobalPlatts Thursday.

The reason, she said, is that it is costing the company 19% more to getraw materials from its Mexican supplier.

Heaton said the company has applied for an exemption from the Mexicansteel wire it needs to make nails, but worries the Commerce Department may nottake action in time to save the plant.

She said Mid Continent accounts for about half of all nails produced inthe US.

--Bob Matyi, newsdesk@spglobal.com

--Edited by Kevin Saville, kevin.saville@spglobal.com