The US market is currently navigating turbulent waters as consumer confidence plummets to concerning levels while steel imports experience significant volatility influenced by recent tariff implementations. Consumer sentiment has declined for four consecutive months through March 2025, with expectations for the future hitting a 12-year low—a troubling indicator that historically...
President Donald Trump has announced sweeping 25% tariffs on imported automobiles and auto parts not manufactured in the United States, marking one of the most significant disruptions to the global automotive supply chain in recent history.
Effective immediately, the CSP HRC base price for the week of March 24th will be $935/ton for
all producing mills, except CSI, where our CSP HRC base price will be $995/ton.
The Iron Range region of Minnesota is facing economic hardship as Cleveland-Cliffs announced temporary layoffs affecting 597 steelworkers at the Hibbing Taconite Company (HibTac) and the Minorca Mine. State officials confirmed the layoffs, which could become permanent by late May, are due to an oversupply of iron ore from 2024. The news has prompted concern from Minnesota politicians, with Republican state Rep. Spencer Igo criticizing state and federal policies, while DFL state Sen. Grant Hauschild expressed solidarity with the affected workers. U.S. Sen. Tina Smith emphasized the broader impact of these job losses on the community and pointed to the Trump administration’s tariffs as a contributing factor to the industry’s instability. The layoffs will impact 255 jobs at HibTac and 342 jobs at Minorca, exacerbating concerns about the region’s economic future.
The letter, addressed to President Trump, expresses gratitude for his
February 10, 2025, proclamation reinstating a 25% tariff on steel
imports. The letter, signed by CEOs from major steel corporations like
Nucor, Cleveland-Cliffs, and U.S. Steel Corporation, argues that Trump’s
previous tariffs in 2018 led to significant reinvestment and
revitalization of the American steel industry. The authors urge the
President to resist requests for exceptions or exclusions to the tariff,
emphasizing that a strong domestic steel industry is vital for both
economic and national security reasons. They also criticize prior
negotiations and product-specific exclusions for weakening the
effectiveness of the original tariffs and exposing the U.S. steel
industry to global oversupply.
