In short, when tariffs go up, jobs in consuming industries go down. There is conclusive evidence from past actions: safeguard tariffs in 2002 and Section 232 tariffs in 2018. It is happening again in 2025. The Trump administration wants foreign producers (and US retailers) to absorb tariff increases (except in antidumping cases, where foreign absorption of tariffs is illegal).
President Trump has approved the sale of U.S. Steel to Nippon Steel, according to an executive order signed on Friday, June 13.
Both the Pittsburgh-based steelmaker and the Japanese steelmaker cheered the development.
Hashing out duty costs
If you’re feeling a sudden jerk and a case of tariff whiplash coming on, you’re not alone.
More developments with USS-Nippon. A look at whether imports will be needed. The latest prices. And more.
Northwest Pipe changes name to NWPX Infrastructure.
A Nippon executive has hit back regarding the deal for USS following President Trump’s talk of a “golden share” on Thursday.
In this Premium analysis we examine North American oil and natural gas prices, drill rig activity, and crude oil stock levels. Trends in energy prices and rig counts serve as leading indicators for oil country tubular goods (OCTG) and line pipe demand.
Friedman Industries’ earnings increased in its fiscal fourth quarter ended March 31.
SMU’s latest steel buyers market survey results are now available on our website to all premium members. After logging in at steelmarketupdate.com, visit the pricing and analysis tab and look under the “survey results” section for “latest survey results.” Past survey results are also available under that selection. If you need help accessing the survey results, or if […]
SMU’s Steel Buyers’ Sentiment Indices moved in opposing directions this week. Our Current Steel Buyers’ Sentiment Index sharply fell to one of the lowest levels recorded in five years, while Future Buyers’ Sentiment marginally improved.
Despite high expectations, the export scrap market has not moved up.
Subdued demand has continued to weigh on steel sheet prices globally.
Steel equities and steel futures fell hard after news broke earlier this week that the US and Mexico might reach an agreement that would result in the 50% Section 232 tariff coming off Mexican steel.
The sharp declines didn’t make much sense, especially if, as some reports indicate, Mexico might agree to a fixed quota. They didn’t make sense even if steel flows between the US and Mexico remain unchanged.
Never a dull moment in today’s HR futures market.
All five of the averages for sheet and plate mill lead times tracked by SMU extended moderately this week, according to buyers responding to our latest market survey.
Most steel buyers responding to our market survey this week reported that domestic mills are considerably less willing to talk price on sheet products than they were in recent weeks, but remain open to bargain on plate prices.
President Trump says the US government will hold a 51% stake in U.S. Steel after the Nippon deal.
Two industry groups are applauding two EPA proposals that would support domestic steel production.
Following three months of little to no growth, the Dodge Momentum Index (DMI) increased in May, according to the latest data released by Dodge Construction Network
The US steel industry is edging closer to independence from imports, and it may only take one more mill to tip the scales, according to Timna Tanners, managing director at Wolfe Research.
Domestic hot-rolled (HR) coil prices edged up marginally again this week, while offshore prices ticked down.
The latest SMU Community Chat webinar reply featuring Timna Tanners, managing director of equity research for Wolfe Research, is now available on our website to all members. After logging in at steelmarketupdate.com, visit the community tab and look under the “previous webinars” section of the dropdown menu. All past Community Chat webinars are also available under that selection. If […]
We’ll have a lot to talk about because construction is at the intersection of so many of today’s hot-button issues. The main question: Will construction thrive or dive in the rest of ’25? (Nothing wrong with a rhyme, even in serious times.)
Steel industry veteran David ‘Dave’ Aycock died on Saturday at the age of 94.
GM looks to invest $4 billion in its US operations.
The price spread between HRC and prime scrap widened in June.
ArcelorMittal’s (AM) Hamilton location to be shuttered, wire production shifting to Montreal.
The amount of finished steel that entered the US market in April declined 3% from March but remained at elevated levels, according to SMU’s analysis of Department of Commerce and American Iron and Steel Institute (AISI) data.
Even before the news about Mexico, I didn’t want to overstate the magnitude of the change in momentum. As far as we could tell, there hadn’t been a frenzy of new ordering following President Trump’s announcement of 50% Section 232 tariffs.
But higher tariffs had unquestionably raised prices for imports, which typically provide the floor for domestic pricing. We’d heard, for example, that prices below $800 per short ton for hot-rolled (HR) coil were gone from the domestic market – even for larger buyers.