US steel CEOs urge Trump to resist metal tariff exemptions

Bloomberg News | March 7, 2025 | 3:51 pm News 

Nucor Steel Gallatin – Image courtesy of Nucor

The CEOs of the three largest American steelmakers are urging US President Donald Trump to resist giving any tariff exemptions on imports of the alloy.

Nine US steel industry executives sent a letter to Trump on March 7, just days before the US is expected to implement a 25% tariff on all steel imports. The letter said prior exemptions given to nations allowed for increased import volumes that damped the original impact of Trump’s duties during his first administration.

The CEOs, which include Nucor Corp.’s Leon Topalian, United States Steel Corp.’s David Burritt and Cleveland-Cliffs Inc.’s Lourenco Goncalves, argued that avoiding exemptions was a matter of national security.

“Millions of tons of product-specific exclusions were granted, even for products readily available from domestic suppliers. The result was a weakened US steel industry exposed again to the global steel oversupply crisis,” the letter said. “We urge you to resist any requests for exceptions or exclusions and to continue standing strong on behalf of American steel.”

The letter comes as companies and countries have been lobbying the White House to exempt key trading allies from duties, arguing such levies would raise prices on US consumers. The US steel industry is coming off its worst year since Trump’s first term in office as lackluster construction demand, inflation and high borrowing costs created a triple-whammy on earnings. Imports rose in 2024, but remained below 2021 and 2022 levels, according to Commerce Department data. 

The looming threat of tariffs has caused US prices to surge in recent weeks, making it more than 20% more expensive than imported steel. As recently as January, a ton of steel was selling for less than $700 a ton. But by the end of February, domestic producers were said to be quoting customers prices as high as $1,000 — levels not seen since the beginning of last year.

(By Joe Deaux)

Cleveland-Cliffs Announces “Buy American” Automotive Incentive Program for Employees

March 07, 2025 

CLEVELAND--(BUSINESS WIRE)--Cleveland-Cliffs Inc. (NYSE: CLF) today announced a company-wide “Buy American” incentive for its nearly 30,000 employees. During the calendar year 2025, any Cleveland-Cliffs employee who purchases or leases a new American-built vehicle with substantial Cliffs’ steel content will receive a $1,000 cash bonus in connection with the purchase.

Lourenco Goncalves, Cliffs’ Chairman, President and CEO said: “We are pleased to do our part to support President Trump’s long-term vision of bringing manufacturing back to the United States. In order to be a global superpower and Make America Great Again, companies need to produce things in America and people need to buy things that are made in America. This incentive is a small token of our appreciation for the Administration’s “America-First” agenda and serves as recognition that our employees, as American consumers, will help power the resurgence of domestic manufacturing. We hope that other companies will follow suit and do their part to incentivize consumption of American-made products.”

U.S. Senator Bernie Moreno said, “For decades, workers in states like Ohio were devastated by elites in Washington who shipped their jobs overseas while importing cheap foreign products instead of manufacturing here in America. But thanks to President Trump and bold leadership from industry leaders like Cleveland-Cliffs, American manufacturing is poised to see a boom like never before. I applaud Cleveland-Cliffs’ bold leadership in fighting for American workers and am proud to join Lourenco in this historic announcement.”

Vehicles produced in a plant outside of the United States, or that use a significant amount of imported flat-rolled steel, will not qualify for the incentive. Further guidance regarding vehicle eligibility will be communicated directly to employees.

Cleveland-Cliffs will hold a joint press conference today at its Cleveland Works plant in Cleveland, Ohio, featuring Chairman, President, and CEO Lourenco Goncalves and U.S. Senator Bernie Moreno.

The event will be broadcast live on the Company’s YouTube channel. A replay will be available after the event on Cleveland-Cliffs’ channel.