Steel Industry News

President Trump has approved a historic partnership between United States Steel Corporation and Nippon Steel Corporation, marked by a major investment in American steelmaking and commitments to protect and potentially create more than 100,000 jobs. The agreement, celebrated at U.S. Steel’s Irvin Plant in Pennsylvania, includes an $11 billion investment by 2028, a National Security Agreement ensuring U.S. government oversight through a “Golden Share,” and commitments to domestic production and trade. The deal’s details are yet to be provided but has received all necessary regulatory approvals and is expected to be finalized promptly. 

6/10/25 – The United States and Mexico are close to finalizing an agreement that would eliminate the current 50% US tariffs on a set volume of steel imports from Mexico, allowing duty-free access as long as shipments remain within historically based limits. The deal, which updates a previous arrangement from Trump’s first term, still requires President Trump’s approval before it can take effect. This move is part of ongoing efforts by both countries to strengthen North American steel supply chains, prevent tariff evasion, and protect the regional market from unfair trade practices. 

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Cleveland-Cliffs has lowered its spot price for hot-rolled coil (HRC) to $910 per short ton, down $65 from the previous month’s price of $975, as announced in its May 22 letter to customers. This price reduction, which takes effect immediately for June orders, reflects ongoing softness in the U.S. steel market, where hot band prices have been declining since mid-March amid buyer caution, uncertain demand, and concerns about future scrap prices. The move aligns Cliffs’ pricing more closely with the current market range for HRC, which stands at $790–900 per short ton, and comes as other major producers like Nucor have also implemented consecutive price cuts in response to market conditions

US carbon steel imports saw a dramatic decline in April 2025, driven by the tightening of Section 232 exclusions and the ongoing impact of global reciprocal tariffs. Preliminary data shows total carbon steel imports fell to 1.53 million tons—a sharp 18.4% drop from March and a staggering 25.6% decrease compared to April 2024. The downturn was especially pronounced in carbon flat rolled products, which slid nearly 30% from March and more than 50% year-over-year, reaching just 338,000 tons. Coated flat rolled imports experienced the steepest fall, plummeting almost 69% to 154,927 tons—marking the lowest monthly total for coated sheet imports since December 2019.

This contraction reflects the significant impact of trade policy changes on US steel supply chains. Year-to-date, carbon flat rolled imports are down 26.7% compared to the first four months of 2024, underscoring a broader trend of tightening import volumes as the US steel market adjusts to evolving tariff regimes and exclusion policies