By Bob Tita

Tariffs on imported steel, aluminum and other products are "extremely beneficial" for Steel Dynamics, the company's chief executive, Mark Millett, said Wednesday.

Indiana-based Steel Dynamics and other American steel producers have enthusiastically backed the Trump administration's expanded use of tariffs. Millett said recently enacted tariffs are squeezing unlawfully low-priced foreign steel out of the U.S., and encouraging metal-consuming businesses to return manufacturing to the country to avoid tariffs on imported finished products.

The spot-market price for coiled sheet steel is up about 38% since the start of the year, according to market research firm CRU. Steel Dynamics said its first-quarter income from its steel operations rose 39% from the market doldrums of last year's fourth quarter.

Steel Dynamics is positioning its business to capitalize on increased domestic steel and aluminum demand. The company is accelerating steelmaking at a recently completed plant in southern Texas and expects to begin production of aluminum sheet this summer at a new rolling mill in Columbus, Miss.

"There are a lot of customers that are actually looking to further their relationships with us," Chief Operating Officer Barry Schneider told analysts during a conference call. "With what we see today, we're excited about where 2025 is going."

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(END) Dow Jones Newswires

April 23, 2025 13:45 ET (17:45 GMT)

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