"Any steel coming into the United States is going to have a 25% tariff."
— President Trump, February 2025
Here’s what happened while everyone was obsessing over tech earnings:
A quiet steel company just reported mill backlogs up 40% year-over-year. Their CFO guided to “higher pricing across all major product categories” for Q1. And imports collapsed from 25% market share to 14% in eleven months.
Oh, and they’re about to free up $900 million in cash flow.
