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Trump’s spending plans welcomed by one of the world’s largest steel producers

One of the largest steel producers in the world is expecting to benefit from the investment agenda of President-elect Donald Trump.

The CEO of the German manufacturing giant Thyssenkrupp told CNBC Thursday that he is not concerned over a more protectionist approach in the U.S. when Trump takes office in January.

"I believe we are in a quit solid shape," Heinrich Hiesinger, chief executive officer of Thyssenkrupp, said regarding the firm's presence in the American market.

He was confident that his company "can benefit from the infrastructure program the new (U.S.) government has announced going forward."


An employee works at a steel factory in Dalian, Liaoning Province, China, July 4, 2016.
China Daily | Reuters
An employee works at a steel factory in Dalian, Liaoning Province, China, July 4, 2016.

Trump has previously pledged to invest $1 trillion in infrastructure over a decade, namely to improve transportation facilities. Meanwhile in the U.K., the government announced Wednesday a similar policy with a new fund to provide £23 billion ($28.6 billion) of additional spending in areas that include transport, digital communications, and housing.

The newly elected president in the U.S. has also promised to cut steel imports from China, but Thyssenkrupp is not worried that its production will be affected.

"We cannot really describe what the U.S. will do with the Chinese steel," Hiesinger said, adding that "today already 80 percent of the sales we have to U.S. customers (are) produced locally."

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