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nydailynews
'Happy with tariffs': Steel industry emerges as trade war winner
cnn
nydailynews
'Happy with tariffs': Steel industry emerges as trade war winner
cnn
to the steel industry.
President Donald Trump's metal tariffs have sent steel prices surging and sparked blockbuster profits for steel manufacturers.
Reliance Steel & Aluminum (RS) hauled in record sales, thanks to an 18% spike in prices. Nucor(NUE) recorded the best second quarter in its history. Its profit more than doubled.
"All in all, we're very happy with tariffs," Nucor CEO John Ferriola told analysts earlier this month.
Those words haven't been uttered by many other corporate bosses, who are grappling with sticker shock.
Tariffs levied by the United States and major trading partners are eating into the profits of Harley-Davidson (HOG), General Motors (GM), General Electric (GE), 3M (MMM) and hundreds of other companies. CEOs are scrambling to raise prices and reshuffle their supply chains.
Unsurprisingly, steel companies are feasting on a price spike from Trump's 25% steel tariff. The benchmark price of US-made steel has zoomed 41% higher since the start of the year to $917 per short ton, according to S&P Global Platts.