In reply 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.
@ben_moll | 19,679 followers
Replying to @ben_moll
An important clarification because people often ask: doesn't substitution via imports destroy some production in importing country (πŸ‡©πŸ‡ͺ)? Answer: of course it does. But it kills the notorious "cascading effects" = one of main arguments of industry lobby.…
In reply to @AlexSpielau
The result is to essentially import Gas embodied in inputs. Thus inputs are available for production in value-chains - so the result is some loss of production in the import substituted sector while maintaining production in the value chain. So, no cascades.

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