Steel, Tariffs & Time

Jun 4

Why America's Industrial Revival Hinges on Strategic Trade

When it comes to navigating the murky waters of global trade and manufacturing, few voices offer more clarity than Steven Ford. The retired Chief Commercial Officer of Lapham-Hickey Steel and current M&A consultant joined me on The Germinate Podcast this week—just hours after the U.S. announced sweeping new tariffs. What followed was one of the most insightful conversations I’ve had on the podcast: a crash course in steel industry history, international trade strategy, and the nuances of family-owned business succession.

Here’s why this episode matters—and what we all can learn from it.

Tariffs: More Than Just Taxes

Tariffs are often misunderstood, especially in the public and political discourse. Many see them simply as taxes on imports that drive up consumer prices. But Steven Ford explained a much deeper story.

In the late 1990s, the U.S. steel industry was collapsing under the weight of foreign "dumping"—where countries like China offloaded excess steel into the American market at artificially low prices. The key issue wasn’t just pricing, though. It was currency manipulation. China was pegging its currency at a 38% margin to the U.S. dollar, gaining an unearned advantage on every transaction.

President George W. Bush, recognizing the collapse of domestic mills (42 out of 44 were bankrupt), imposed temporary tariffs and pushed for industry consolidation. The results were controversial, but crucial—they saved what was left of the U.S. steel industry and created a platform for recovery.

Why Tariffs Matter in 2025

Fast forward to today: tariffs are back in full force, and the stock market is reeling. Ford emphasized that while markets may react negatively in the short term, these moves are a long-term play. They aim to restore fairness in global trade, protect American industries, and encourage domestic manufacturing.

“We’re not just talking about cars and buildings,” Ford explained. “Steel is foundational to national security. It’s used in military equipment, infrastructure, even pharmaceutical manufacturing tools.”

With countries continuing to manipulate currency and ignore World Trade Organization rules, the U.S. has little choice but to act—and Ford believes that meaningful change is only possible if America continues to invest in its own industrial base.

Signs of a U.S. Manufacturing Resurgence

Interestingly, Ford shared that foreign companies are already responding. Hyundai, for instance, plans to build a $5 billion steel mill in the U.S. to support a $15 billion auto manufacturing hub. Why? To avoid tariffs and be closer to their biggest customer—us.

This isn’t just symbolic. It creates jobs, strengthens local economies, and sparks ripple effects throughout supply chains. From toolmakers to laser-cutting equipment firms like Bystronic (now producing in the U.S.), manufacturing investment is on the rise.

And it’s not just the big players making moves. Ford’s work in the mergers and acquisitions space shows investor interest in U.S. manufacturing is red hot.

Buying and Selling Family Businesses: A Time-Sensitive Game

Beyond trade policy, Ford shared some candid insights on his new role: helping families buy and sell privately held businesses. His biggest advice? Start early and be honest about your goals.

“A lot of people treat selling a business like selling a house,” he said. “But you can’t just list it and be out in two months. You need to prepare—sometimes for years.”

And it’s emotional. Many family businesses lack succession planning or rely too heavily on one decision-maker (often the owner). That becomes a problem when buyers ask, “Who’s running the show when you leave?”

The biggest pitfall? Waiting too long.

“Time is the one thing you can’t replace,” Ford said. “I’ve seen owners delay, hoping for better numbers, only to face health issues or market downturns that change everything.”

Final Thoughts: The Real Value of Time

The most powerful moment in the episode wasn’t about steel or policy—it was personal. Ford reflected on missing time with his kids during his career. I shared how I’ve been able to have lunch with my daughter every day since I changed paths.

In business, we focus so much on money, valuation, and growth. But time—whether with family, on your own terms, or building the next chapter—is the most valuable resource we have.

So whether you're in manufacturing, running a family business, or just trying to make sense of today’s economy, this episode is for you. Trade wars may dominate the headlines, but the real story is about resilience, reinvention, and how we choose to spend our time.

Listen to the Full Episode:

The Germinate Podcast with Joe Sampson
Episode: “Tariffs, Trade & Time with Steven Ford”
Available on Spotify, Apple Podcasts, and YouTube.