Steel Prices in U.S. Soar, Steel Dynamics to Expand Flat-Rolled Operations

SUGAR LAND--April 19, 2021--Researched by Industrial Info Resources (Sugar Land, Texas)--It's a good time to be a steelmaker in the U.S. Steel prices are soaring, and companies are having problems meeting increased demand from end users. This low supply and high demand, along with former President Donald Trump's 25% tariff on imported steel, have been boosting domestic prices. As of late February, U.S. steel prices had risen 160% since last August, according to news media. Despite some uncertainty on whether the Biden administration will maintain the Trump-era tariffs, some steel companies are expanding operations. To this end, U.S. steelmaker Steel Dynamics Incorporated (NASDAQ:STLD) (Fort Wayne, Indiana) said last week it will be expanding flat-roll operations with new coating lines in the southern U.S. and Midwest. Other companies featured: Nucor Corporation (NYSE:NUE)