Steel stocks dip after FT report on tariff rollback

Report: Trump plans to scale back steel and aluminum tariffs

U.S. President Donald Trump plans to scale back some tariffs on steel and aluminum goods, as reported by Reuters, citing people familiar with the matter. The reports describe a potential reduction rather than a full repeal, and no formal order has been issued.

Separately, the Financial Times framed the prospective move as part of an effort to address an affordability squeeze that has weighed on public sentiment. Until an official notice is published, the scope, timing, and product coverage remain uncertain.

Why a rollback matters: prices, inflation optics, producer margins

Lower import barriers would typically pressure domestic steel and aluminum prices, narrowing producers’ realized spreads while relieving input costs for downstream buyers. According to CNBC, CRU Group’s Josh Spoores has argued that a rollback would reduce import parities and put downward pressure on U.S. steel pricing. Against that backdrop, Jim Cramer described the industry impact as a “double-edged sword,” highlighting the tension between price support for mills and demand risks for end markets.

On the consumer side, broad-based tariffs have raised costs for manufacturers of autos, appliances, construction materials, and packaging; the burden can flow through to retail prices. CBS News reported that economist Christine McDaniel warned any product using steel or aluminum, even as a component, can face higher costs, a dynamic that would likely ease if levies are reduced.

Market reaction now: CLF, AA, NUE and peers trade lower

Steel and aluminum shares fell on the headlines. Barron’s reported early-Friday declines among U.S. producers, with Cleveland-Cliffs, Steel Dynamics, and Nucor down roughly 2.5%, 5%, and 3.6%, respectively, while aluminum names such as Alcoa and Century Aluminum lagged further, with Century off about 11% in premarket trading.

The moves reflect investors repricing the value of tariff protection in earnings models. If import competition intensifies, margin expectations for domestic mills could reset lower, while downstream users may see improved cost visibility; actual outcomes still hinge on policy details and the demand backdrop.

What to watch next: official moves, EU talks, company guidance

Watch for an official announcement or rulemaking that specifies the scale of any rollback, product lists, and effective dates. Market participants are also monitoring U.S.–EU discussions on metals trade, along with whether the administration links tariff adjustments to broader policy negotiations.

Company guidance will be pivotal. Management commentary from mills and downstream manufacturers can clarify how they are modeling raw-material costs, contract resets, and capital plans under different tariff scenarios.

At the time of this writing, based on data from Robinhood, United States Steel (X) is shown trading at $54.84 with a market capitalization near $12.42 billion; figures are provided for context and may not reflect intraday updates.