America’s Steel Revival Looks Like a House of Cards

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Trump’s Steel Policy Is Working. That’s the Problem — Scott Lincicome

With great fanfare, President Donald Trump announced last week that “the largest steel plant ever built in the United States” would be coming to Lee County, Iowa, adding that Mesabi Metallics’ $15 billion investment in a pivotal midterm swing state proved his “powerful 50% tariffs” were working. He’s right: The announcement is a tangible result of American steel policy — but, contrary to what the president said, that’s not a good thing.

Start with the project’s real price tag. Thanks to tariffs and other trade restrictions, US steel prices are among the highest in the world: According to SteelBenchmarker, a metric ton of hot-rolled steel cost $1,293 here — the highest since April 2022 and far exceeding prices paid in western Europe ($842), on the world export market ($510) or in China ($424).

With steel input (scrap) prices roughly flat since Trump began expanding so-called Section 232 tariffs in February 2025, the differential means protectionism has helped US steelmakers such as Nucor make fat profits while other US manufacturers pay far more for the essential input than their competitors abroad.

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