Diamonds and Dogs

6/2/25

Nucor (NUE), Cleaveland Cliffs (CLF) and Steel Dynamic (STLD) jumping on news of steel tariffs on foreign steel. Nucor received an upgrade as they already planned a multi-year growth strategy to expand capacity and production. Tariffs will only help.  Both stocks are up over 8%. Cleveland Cliffs is up over 20% today, but still down over 50% over the last year.

Ford (F) and GM (GM) are down 4% each as tariff news continues to strangle the auto industry. The new steel tariffs and news from President Trump that he wants all auto parts to be made in the US, will continue to hurt the progress of the auto stocks. China has also reduced exports of their rare-earth magnets that go in windshield wipers and antilock brakes. The shortage of these magnets could lead to car plant shutdowns in the future.  

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