** Shares of Nucor NUE.N rise 3.4%, Steel Dynamics STLD.O up ~4% and Cleveland-Cliffs CLF.N gain 3.7%

** U.S. Federal Reserve Chair Jerome Powell pointed to possible rate cut at the central bank's September 16-17 meeting

** Powell also acknowledged growing risks to the job market, said risks of higher inflation remain

** Steelmakers stand to benefit from the possible rate cuts as a driver for higher demand from customers who are currently pressured by inflation

** Including session's gain, the S&P 1500 Steel index .SPCOMSTEEL rose ~19% YTD

(Reporting by Aatreyee Dasgupta)

((Aatreyee.Dasgupta@thomsonreuters.com))