Leon Topalian, CEO of steelmaker Nucor, told CNBC's Jim Cramer on Friday that oversupply continues to be an issue for the industry, stressing the importance of advocating for efforts to prevent steel dumping.
"We've got to continue to advocate. The oversupply in the world, particularly out of China is significant," he said.
It's been five years since the the Trump administration imposed a 25% tariff on steel imports, targeting foreign countries dumping steel into the U.S. market. Dumping refers to a practice in which a country exports certain products to other countries at a significantly lower price than those countries' home markets.
Topalian praised the Biden administration, specifically Secretary of Commerce Gina Raimondo as well as U.S. Trade Representative Katherine Tai, for their grasp of the issue, citing the pair's "leadership and understanding this industry and not protecting free trade, but fair trade, because it's not just cheap steel, it's illegally subsidized and dumped steel that really harms this nation."
Ahead of earnings, Nucor preannounced lower-than-expected guidance for the current quarter last week, which sent its stock down 6% in a single session. Topalian said the company expected the second half of the year to be "softer" than the first.
"While there are some headwinds, I couldn't be more excited about our future and how we're positioned," he said.
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