Analysis
February 26, 2026
Final Thoughts
Written by Ethan Bernard
U.S. Steel marked its 125th anniversary yesterday. When you look at the massive changes that have occurred in the country over that time, perhaps it puts the current unpredictability in the steel industry into perspective.
Whether it’s the Empire State Building during the Great Depression or a Liberty Ship in World War II, steel has been a crucial part of the American experience, a primary ingredient to progress.
USS birthday
“U.S. Steel was built by generations of people who believed deeply in the importance of what they were creating,” President and CEO David Burritt said in a statement on Wednesday.
He pointed out the journey hasn’t always been easy. “We’ve weathered many ups and downs to get where we are, and our 125th anniversary is honoring that legacy while looking ahead with confidence.”
Burritt stressed that new investment is being made to ensure USS remains “strong, relevant, and essential.”
Since the company’s acquisition by Japan’s Nippon Steel, we’ve already seen evidence of the deployment of $11 billion across its US footprint through the end of 2028.
Big picture
More broadly, though, “strong, relevant, and essential” seems a good way to describe the US steel industry.
This comes under the current backdrop of trade and geopolitical uncertainty.
USMCA partners are still trying to find a way forward. Only time will tell whether separate agreements will be worked out with Mexico or Canada, or whether this year’s review process yields fruit and a new framework is agreed upon. (Or if it’s something different entirely.)
The new tariff curveball offered up by the US Supreme Court is still being worked out. And, of course, the Trump administration has been known for a few curveballs of its own. Does this administration know any other pitch?
But I think grounding this situation in USS’ birthday really provides some perspective. Look at the continuity of steel’s role in the US and global economies over the past 125 years. And it shows no signs of slowing down.
Heck, the US even surpassed Japan in 2025 to become the world’s third-largest steel-producing nation, behind China and India, according to the World Steel Association. This is the first time that’s happened in 26 years.
As someone who grew up in the 1980s, for me, that’s no mean feat. From competitors to partners, the landscape is always changing. Where do we go from here?
So, while the near-term may necessitate a few more consultations with a trade attorney, or a team of them, the big picture points to a continued bright future for steel.
Happy birthday, U.S Steel! We didn’t get a piece of cake here at SMU, but, then again, there’s always the SMU Steel Summit in Atlanta in August, where we’ll be sure to see you.
