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    Analysis

    Ethan Bernard, SMU Team

    October 2, 2025

    Final Thoughts

    Written by Ethan Bernard

    We’ve all wondered what we would do if we had access to a time machine. Well, earlier this week, I had the chance to venture back without even needing a machine. Not to the Middle Ages, or some time right before World War II. Instead, if you can even imagine it, I journeyed to the time before “Liberation Day,” before the second Trump administration even put the tariff train in motion. At the International Iron Metallics Association (IIMA) biannual meeting in São Paulo, Brazil, this week, the order of the day was decarbonization and sustainability.

    Just a little over a month earlier at Steel Summit 2025 in Atlanta, the buzzword of the conference was “uncertainty.” This was linked to the ever-shifting trade landscape, driven by President Trump’s tariff regime, as well as economic headwinds and geopolitical instability. With all of that, though, despite lip service being paid to decarbonization and “green steel,” hard economic realities were staring conference participants in the face.

    Ethan Bernard

    Ethan Bernard is managing editor for Steel Market Update. He previously worked for American Metal Market as a copy editor in the New York office for two years, starting in 2008. Later, he copy edited AMM’s monthly magazine on a freelance basis from 2015 until 2017. With experience in financial copywriting and textbook publishing, he holds a BA in Comparative Literature from UC Berkeley, and an MFA in Creative Writing from New York University. He can be reached at ethan@steelmarketupdate.com or 724-759-7871.

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