Tag: tariffs

The Canadian federal government and the Ontario provincial government have announced five-year commitments totaling CA$5.22 billion (US$3.72 billion) for a Joint Steel Action Fund. That funding comes alongside up to an additional CA$2.5 billion over two years for large-scale automotive capital projects. The federal and provincial governments said the package is intended to support domestic steel production, automotive manufacturing, and the transition to connected and electric vehicles.

The majority of buyers SMU polled this week expect prices to continue rising from here, supported by limited supply. Demand is said to be strong, with most remarking that it is stable to improving. Most say inventories are moving faster this year than last, attributed to tight supply, late mill deliveries, and generally leaner supply chains. Imports continue to appeal to many buyers on both price and availability, but lead times, tariffs, and other risks remain. Buyers are split on whether President Trump’s tariff policies are helping their businesses and whether they’re seeing manufacturing reshoring.

AZZ Inc. said galvanized flat-rolled steel availability remains a constraint for its Precoat Metals business, complicating customer sourcing and logistics. Customers are having difficulty securing substrate within required timeframes, and costs remain elevated, President and CEO Tom Ferguson said on an earnings conference call on Wednesday. He said AZZ is helping customers locate domestic and imported material and manage logistics. The situation has “definitely” affected the business, he added. “It’s tight. We see it every day, particularly galvanized sheet metal.”

Steel markets in the United States now feature supply shortages. Spot tons are well-nigh unavailable, and even contract tons are scarce. Based on the available statistics, the US market for flat-rolled products is seriously constrained. The US economy is still the strongest in the world, and manufacturing output remains vigorous. But the available supply is tight. The reason is fairly obvious. US domestic supply has increased a bit. Meanwhile, imports have fallen significantly.

President Trump’s senior counsel for trade and manufacturing, Peter Navarro, has criticized South Korea for subsidized and transshipped steel. “South Korea is inundating the U.S. with highly subsidized steel and steel transshipped from China,” Navarro wrote in a post on X. “We are cracking down." In comments to C-SPAN, Navarro pointed to the White House’s recent report, the Great Transshipment Scam.

Earlier this week, SMU polled steel buyers on topics ranging from market prices, demand, and inventories to tariffs, imports, and evolving market events. Below, we share a selection of the comments we received, in each buyer’s own words.

Canadian Prime Minister Mark Carney has threatened legal action against Cleveland-Cliffs over the layoffs announced earlier this week at its Stelco mill in Hamilton, Ontario.

US steel industry groups representing most of domestic steel production are urging the Trump administration to tighten trade measures on steel imports from South Korea. They are seeking a South Korea-specific tariff-rate quota (TRQ) and an investigation into a reported import surge.

In 2015, finished steel imports were 29% of apparent domestic consumption of steel, as estimated by AISI. In 2025, the import share had fallen to 18%. Steel lobbyists think that is progress, but the reality is more complex.

US sheet buyers have grappled with supply scarcity in both the spot and contract markets throughout 2026. Now the supply squeeze is spilling over into 2027, according to market participants.

Several steel trade organizations have called on President Trump to resist weakening Section 232 steel tariffs.

The American Iron and Steel Institute (AISI) is pressing President Donald Trump to raise the issue of China’s steel exports and industry subsidies during his upcoming summit with Chinese President Xi Jinping.

The phrase “Fortress North America” seems to resurface anytime US, Canada, and Mexico trade negotiations roll around. The idea of an economic Fortress North America burst onto the scene in the late 1980s and early 1990s in the lead up to NAFTA. In theory...

The rally in steel sheet prices is officially a year old. We haven’t seen a yearlong price rally since 2021, when a snapback in demand following the early days of the pandemic resulted in one of the biggest steel market booms since World War II.

United Steelworkers (USW) International President Roxanne Brown urged US and Canadian trade representatives to reach an agreement that puts working families first. Her words come as trade talks between the two nations remain at an impasse, and escalating tensions have led to new tariffs on both sides. “This conflict is hurting jobs. It’s hurting facilities. It’s hurting communities. And it’s creating uncertainty for workers and families in both countries,” Brown said at a press event on Tuesday.

The US sheet market is really feeling the squeeze. It’s not just spot tons that are a concern. Contract tons are increasingly scarce too.

A policy that protects steel production while making downstream American manufacturing less competitive internationally merely moves the injury along the domestic supply chain.

Canada’s retaliatory tariffs on US goods have drawn support from Canadian steel producers and labor groups. Meanwhile, US manufacturers and trade officials are calling for renewed negotiations as the dispute adds costs and uncertainty to cross-border supply chains.

The retaliatory measures—which include 50% tariffs on US steel and aluminum—came after trade talks between Washington and Ottawa collapsed last month.

Rather than recruiting other countries to help, the US appears intent on threatening to punish countries, including its closest friends. In my experience, this strategy has never proved productive. 

Panelists on the trade panel at SMU Steel Summit 2026 reflect on issues affecting the industry.

First, a big thank you to everyone who attended SMU Steel Summit this week and the inaugural AMU Aluminum Summit as well. I’m not going to crow too much about it being another record year in terms of attendance. But it was—and you made that possible. Also, it’s always great to see the entire steel […]

Steel buyers expect prices to keep rising in the near term and report steady-to-improving demand and lean inventories. Imports remain competitive despite risks.

SMU’s average price for domestic hot rolled (HR) rose to $1,200 per short ton (st) week on week (w/w). In offshore markets, prices also rose, outpacing stateside gains.

Canada has moved to impose new tariffs on US goods, matching tariffs the US has imposed on it.

Barry Schneider, Steel Dynamics’ president and COO, and chairman of the Steel Manufacturers Association (SMA), said transshipment is a central trade policy concern. Speaking during a fireside chat Monday afternoon at the SMU Steel Summit 2026 in Atlanta, he identified steel, fabricated products, and pipe as areas exposed to potential leakage through the two USMCA partners.

The Canadian Steel Producers Association (CSPA) has voiced its concern over the latest US tariffs on the country and the lack of a trade deal.

The SMU Steel Summit kicks off on Monday in Atlanta, and we could spend the entire time just discussing trade developments since the last Summit.

SMU’s average price for domestic hot rolled (HR) rose to $1,195 per short ton (st) week on week (w/w). In offshore markets, prices saw a more controlled rise.

A potential trade deal with Canada and a possible reduction in Section 232 tariffs has rocketed back into the news just a few weeks after it seemed like negotiations between Washington and Ottawa were kaput.