In reply to @ben_moll
19. (Follow-up on 5.) Remember that poor @ArcelorMittal manager who essentially said “we could of course substitute by importing metal inputs, but it really wouldn’t be good for our bottom line”? Guess what they ended up doing:… HT @SteveCicala
@ben_moll | 19,669 followers
Replying to @ben_moll
Importantly, just like @BASF in case 2, @ArcelorMittal is yet another case of substitution via imports even happening *within* the same firm.
In reply to @ben_moll
2. @BASF can apparently substitute by producing ammonia (which is used in fertilizer production) in the U.S. rather than in Germany. So the substitution via imports can even happen *within* the same firm.…

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