Wait a sec, didn't the steel prices increase (and didn't the tarrifs cause lots of other issues)? Was that coincidence?
Here's an analysis : https://www.tradepartnership.com/pdf_files/2002jobstudy.pdf , written in Feb 2003 (Tariffs were imposed in 2002, which was when NY times article was written https://www.nytimes.com/2002/03/06/us/bush-puts-tariffs-of-a...)
Their summary:
"We found that:
• 200,000 Americans lost their jobs to higher steel prices during 2002.
These lost jobs represent approximately $4 billion in lost wages from
February to November 2002.3
• One out of four (50,000) of these job losses occurred in the metal
manufacturing, machinery and equipment and transportation equipment and
parts sectors.
• Job losses escalated steadily over 2002, peaking in November (at 202,000
jobs), and slightly declining to 197,000 jobs in December.4
• More American workers lost their jobs in 2002 to higher steel prices than
the total number employed by the U.S. steel industry itself (187,500
Americans were employed by U.S. steel producers in December 2002).
• Every U.S. state experienced employment losses from higher steel costs,
with the highest losses occurring in California (19,392 jobs lost), Texas
(15,826 jobs lost), Ohio (10,553 jobs lost), Michigan (9,829 jobs lost),
Illinois (9,621 jobs lost), Pennsylvania (8,400 jobs lost), New York (8,901
jobs lost) and Florida (8,370 jobs lost). Sixteen states lost at least 4,500
steel consuming jobs each over the course of 2002 from higher steel
prices.
• While insufficient data exist at this time to measure the precise role steel
tariffs played in causing such significant price increases, relative to the
other factors, it is clear that the Section 201 tariffs played a leading role in
pushing prices up. Steel tariffs caused shortages of imported product and
put U.S. manufacturers of steel-containing products at a disadvantage
relative to their foreign competitors. In the absence of the tariffs, the
damage to steel consuming employment would have been significantly
less than it was in 2002.
• The analysis shows that American steel consumers have borne heavy
costs from higher steel prices caused by shortages, tariffs and trade
remedy duties, among other factors. Some customers of steel consumers
have moved sourcing offshore as U.S. producers of steel-containing
products became less reliable and more expensive. Other customers
refused to accept higher prices from their suppliers and forced them to
absorb the higher steel costs, which put many in a precarious (or worse)
financial condition. The impact on steel-consuming industries has been
significant.
In making policy for the revitalization of manufacturing, including the steel
industry, our conclusions suggest that the effects across the full industrial
spectrum should be considered. The lessons of the impact of higher steel costs
should counsel a good deal of caution when import barriers are considered."
Oh and the chart they publish of prices from 2002 shows the following:
HR Sheet metal: went from about $220 to $300 ($ per ton) an increase of 36%
HD Galvanized metal: went from $330 to $460 an increase of 39%
CR Sheet metal: went from $305 to $405 an increase of 32%