Domestic steel manufacturing stocks billowed higher to start the week as President Trump doubled down on tariffs on imported metals. The new measures increased the tariff level on imported steel and aluminum to 50%, doubling the previous rate of 25%.
The market responded swiftly, led by Steel Dynamics Inc. (NASDAQ: STLD), which gained more than 10% and saw more than 3.3 million shares traded in Monday’s session. Nucor Corp. (NYSE: NUE) and Cleveland-Cliffs Inc. (NYSE: CLF) also rose dramatically on Monday, but STLD is the steel stock best positioned for more gains if tariffs continue to throttle imports.
