Steel stocks fall after Trump unveils $18 billion steel plant plan

Mesabi Metallics, alongside President Trump, announced plans for an $18 billion integrated steel facility in Iowa. Nucor, Steel Dynamics, and Cleveland-Cliffs fell 1.5%, 1.5%, and 9% respectively. Citi analyst Alexander Hacking said new capacity likely arrives after 2030, but investors worry about oversupply. Tariffs had pushed steel prices from $800 to $1,300 a ton, boosting earnings. New capacity could pressure prices.