Skip to content
Subscriber Only

In a Perfect Trump World, U.S. Steel Could Double Under Tariffs

  • Market ‘definitely not’ pricing in current steel prices
  • Tariffs could displace 5.6 million tons of steel imports: BI
Video player cover image

Trump Signs Tariff Order on Metals With Flexibility for Allies

U.S. Steel Corp. has surged 24 percent this year, but it’s still trading well below where it could given the price of the metal.

That argument comes from Bloomberg Intelligence’s Andrew Cosgrove, who said in a note that the iconic American steelmaker could rise to as high as $84 a share, from $43.69 on Friday. While that’s a best-case scenario that assumes higher-than-average earnings multiples and a surge in steel prices, the tariffs ordered by President Donald Trump on Thursday add to the case that the shares don’t fully reflect recent steel-price gains.