MAN OF STEEL: Trump's advisor Wilbur Ross predicts MINING SURGE amid North Korea war fears

MAN OF STEEL: Trump's advisor Wilbur Ross predicts MINING SURGE amid North Korea war fears

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Mr Ross, 79, a former Democratic party voter who defected to the Republicans last year and who served under former President Bill Clinton on the board of the US-Russia Investment Fund, says the country is building tanks and aircraft as well as Navy vessels. 

And he said that he is to immediately look at bringing America’s steel industry back to 100 per cent production after it fell to just 71 per cent of capacity.

Reinforcing Mr Trump’s previous election pledge that he would “put new American steel into the spine of this country” it appears Mr Ross is expediting the president’s plan.

American Commerce Secretary Wilbur Ross is predicting a metals surge GETTY

American Commerce Secretary Wilbur Ross is predicting a metals surge


There clearly is room for increase in the productive utilisation in the United States

US Secretary of Commerce Wilbur Ross


He has confirmed he is to conduct comprehensive investigations to determine the effects of imports into the United States in relation to the security of the country.  

He said: “In the first couple months of this year alone, steel imports rose 19.6 per cent year over year, and are now more than 26 per cent of the entire US marketplace.

“The fact is that the domestic industry is only operating at about 71 per cent of capacity.  

“And since the foreign imports are some 26 per cent, there clearly is room for increase in the productive utilisation in the United States.”

Tensions between North Korea, China and America have reached boiling point and now the US is hatching a plan to ensure that it is ready for the rapid onslaught of war. 

Increased production and manufacturing is likely to lead to a rates 

He added: “One of the factors relating to national security would be if you needed a very rapid buildup, are the skill-sets there; particularly, are the skill-sets there for the very complex alloys that are needed for armour plate and things of that sort.  

“Steel is an important factor in our infrastructure as it relates to national defence, and directly an important factor.  

“As you know, we’re building up aircraft, we’re building up our fleet, we’re building more tanks, building all kinds of military equipment, and that’s even in a peacetime context.  

“If it turned out they had to ramp up, the question is, are we getting to the point where the industry couldn’t be able to deal with that?”

Mining stocks are likely to be lifted as a result of the policy decision while gold is also likely to rise say analysts.

Mr Ross is close to Donald Trump's daughter Ivanka who has taken up an office in the West WingGETTY

Mr Ross is close to Donald Trump’s daughter Ivanka who has taken up an office in the West Wing

Mihir Kapadia, CEO and Founder of Sun Global Investments, said: “We can continue to remain bullish on the commodity over the coming months, despite the federal reserve’s interest rate hike, as real interest rates will remain negative. 

“The threat of populism in Europe, protectionism and trade tensions under Trump in the US, conflicts in the Middle East and the Korean peninsula will keep investors interested in gold. 

“The current drop in prices provide a good opportunity to buy and invest in the commodity.”

While steel, tin and cobalt are all likely to be in demand, test drilling has also begun in the UK for tungsten, also known as wolfram, which is used in drill bits.

That market has been showing signs of recovery over recent times with mining firms signalling positive futures.

British businessman Lewis Black, the CEO at Almonty Industries Inc said that they are doing fixed price deals ahead of an expected uptick in demand.

He said: “Entering an additional fixed price contract for a significant portion of the production at our Los Santos mine further strengthens our view that the current market pricing mechanism for tungsten concentrate is becoming irrelevant and we are encouraged by the move towards a fixed price market environment at prices that make our operations profitable. 

“Combined with our previous announcement regarding the production of our Panasqueira mine, almost

“75 per cent of our 2017 total production has now been secured under various fixed price contracts.”

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