Steel Stocks Put the Pedal to the Metal -- WSJ

Dow Jones11-07

By Krystal Hur

Some steel stocks are outperforming after Donald Trump's presidential victory.

Shares of Nucor soared 16%, Steel Dynamics surged 14% and United States Steel Corp gained 8.5%.

That comes as steel companies have contended with weak demand in recent months due to a lull in US manufacturing activity.

Some analysts say that metals, in particular steel stocks, could see a boost from Trump's policies.

"A Trump 2.0 scenario is likely to bring increased use of tariffs and deregulation. We expect a broad-based positive knee-jerk reaction for steel equities in particular," wrote JPMorgan Chase equity researchers in a Wednesday note.

Trump put 25% tariffs on steel produced outside of the U.S. during his presidency, aiming to revive the flagging industry. However, while the tariffs helped lower steel imports, at least for a little while, they failed to revive the once-booming field.

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

(END) Dow Jones Newswires

November 06, 2024 15:57 ET (20:57 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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