Global Fastener News

U.S. steel buyers face 10-15% price increases due to 25% steel and aluminum tariffs on metals from Canada and Mexico, MEPS reports.

In February, U.S. President Donald Trump restored Section 232 tariffs on steel and aluminum, resulting in a 25% tax on these imported metals. The duties are scheduled to begin on March 12.

Canada and Mexico are the first and third largest steel exporters to the U.S., respectively.

Imports account for 23% of finished steel consumption in the U.S, according to the American Iron and Steel Institute. Imports from Canada and Mexico accounted for 8.6% of U.S. consumption in 2024.

Canada is the largest exporter of steel to the U.S, shipping almost six million tons in 2024, representing 23% of total U.S. steel imports. The main imported steel products include sheets, plates and wire rod. Canada exported 927,000 tons of hot-dip galvanized sheet and 550,000 tons of cold-rolled sheet, representing 34% and 38% of total U.S. steel imports for these products, respectively, according to the U.S. Department of Commerce.

Last year, the U.S. imported 910,000 tons of hot-rolled sheets and 604,000 tons of continuously rolled plates (plates in rolls) from Canada, accounting for 48% and 60% of total U.S. steel imports in these categories, according to MEPS.

More than 450,000 tons of wire rod were imported from Canada in 2024, accounting for 46% of total U.S. wire rod imports. These imports have become even more important for domestic supplies after the suspension of Liberty Steel wire rod production in South Carolina and Illinois in 2024. According to worldsteel, 2.4 million tons of wire rod were produced in the U.S. in 2023, but this figure has since decreased significantly due to the closure of these plants.

Since the beginning of the year, American prices for hot-rolled coils, plates and wire rod have experienced the biggest movement. Nucor has raised prices for sheets by $260 per short ton, hot-rolled coils by $110 and wire rod by $100 since mid-January.