Features

Week in Review: March 23-28
Written by Stephanie Ritenbaugh
March 28, 2025
The constant flow of information we all receive can be a little overwhelming, but SMU is here to help with a snapshot of the week.
Of course, there was tariff talk – this time with the automotive industry taking the spotlight. But we promise, it’s not all duties and levies.
On Wednesday, President Donald Trump signed a proclamation to impose a 25% tariff on most imported passenger vehicles. Those levies, which eventually will be filtered down to consumers, are expected to go into effect on April 3, the day after April 2 – which the president had dubbed “Liberation Day,” when more tariffs are expected to come down.
But the tariffs have sparked concerns about renewed inflation and supply chain disruptions. And they have not provided an immediate boost to demand. Cleveland-Cliffs, for example, plans to idle steelmaking operations at its Dearborn Works in Michigan on “weak” US automotive production. But the United Auto Workers cheered the auto tariffs, saying they would “end the free trade disaster that has devastated working class communities for decades.”
Over in the scrap market, the upswing this year is showing signs of tapering off in April as steelmakers adjust production in line with slower automotive production and sales. How will auto tariffs impact that? SMU’s Stephen Miller said it’s too soon to tell. “It is a tough environment in which to make rational business decisions, whether short-term or strategic.” He has more thoughts on that and other factors at play in the scrap market.
Steel buyers are mixed on how tariffs are affecting them. Earlier this week, SMU polled steel buyers on tariffs, along with other topics including market prices, demand inventories, imports, and emerging market events. Buyers had a split opinion on this question, with 37% saying the policies are not helping their business, 37% saying they are helping, and 27% unsure of the impact. But that’s not the only question asked. One query that is always generates interesting responses is, “What’s something that’s going on in the market that nobody is talking about?” See those answers here.
Meanwhile, US chassis manufacturers asked the Commerce Department to investigate the alleged dumping and subsidization of chassis imported from Mexico, Thailand, and Vietnam. Despite strong demand in recent years, US producers have struggled against a flood of underpriced imports, according to the petition.
On the tech front, one recent theme of late is how to integrate artificial intelligence into your business. Doug Schrock, managing principal of AI at public accounting and consulting firm Crowe, discussed what AI is capable of and what that means for companies along the steel supply chain.
“You owe it to yourself and your company to understand what it does. So get educated on what is possible,” he said.
Looking at prices, domestic hot-rolled coil ticked down marginally, a trend mirrored in most offshore markets. US cold-rolled coil prices increased again, while offshore prices declined.
As for the latest in the ongoing drama of over the fate of U.S. Steel, Japanese suitor Nippon Steel is reportedly willing into more than double its investment in U.S. Steel facilities as it tries to save its troubled bid for the Pittsburgh-based steelmaker.
With a full breakdown of the intensifying proxy fight for control of U.S. Steel, SMU reporter Laura Miller noted, “Well, the finish line is nearing and we should know within the next two months (unless there are more delays, of course). But, which finish line will we be crossing?”
Coming up next week
April 1: ISM manufacturing released
April 2: Reciprocal tariffs scheduled to go into effect
April 3: The 25% tariff on automotive imports scheduled to go into effect
April 4: Fed Chairman Jerome Powell speaks

Stephanie Ritenbaugh
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