Al Root

Steel stocks were lower early Friday, hit by fears that President Donald Trump's tariffs, which support higher commodity prices, could be rolled back.

Shares of domestic steel makers Cleveland-Cliffs, Steel Dynamics, and Nucor were down 2.5%, 5%, and 3.6%, respectively, while S&P 500 and Dow Jones Industrial Average futures were both down about 0.3%.

The move came after the Financial Times reported the president planned to roll back tariffs to ease affordability concerns in America. The White House didn't immediately respond to a request for comment.

Trump implemented 25% tariffs on imported steel and aluminum in early 2025 and increased the levy to 50% in the spring.

The tariffs helped boost domestic steel prices. Benchmark steel prices were below $800 per ton in early 2025. They clocked in north of $950 in recent weeks.

The higher prices have helped steel stocks. Coming into Friday trading, shares of Steel Dynamics and Nucor were up about 50% and 40%, respectively, over the past 12 months. Cliffs' shares, however, were down about 5%.

Higher commodity prices have also helped boost earnings estimates. Nucor is expected to make about $12 a share in 2026, up from less than $8 in 2025. Nucor reported earnings per share of almost $29 in 2022, when steel prices were north of $1,000 per ton.

Shares of aluminum maker Alcoa were up about 66% over the past 12 months. Century Aluminum shares gained more than 130%. Alcoa stock was down 5% in premarket trading, and Century stock was down 11%.

There isn't much for investors to do except wait. Lower tariffs likely mean lower commodity prices, which is never a good thing for producers.

Write to Al Root at allen.root@dowjones.com

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February 13, 2026 08:18 ET (13:18 GMT)

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