Tariffs on imported steel boosted U.S. Steel Corp. ‘s financials.
The steelmaker experienced a +38% surge in its operating profit in Q2, on the back of a 5%-10% increase in prices of its U.S.-made steel and solid shipments growth. It also projects its profits to more than triple over the full year.
U.S. President Donald Trump’s tariffs on imported steel have potentially weakened foreign competition for domestic steel producers, thereby giving the latter more room to raise prices in the domestic market. Along with U.S. Steel, several steel players such as Nucor, Reliance Steel and Aluminum and AK Steel have also apparently benefited from tariff-induced tailwinds.