US Steel has lost 70% of market capitalization since tariffs were introduced

US steelmakers assess the Trump administration's steel tariffs and think, "Be careful what you wish for."

Several news outlets reported that tariffs boosted production in the United States at a time when global demand was falling, resulting in lower prices. While companies with more efficient installations and electric arc furnaces did not suffer as much, US Steel had to close some older blast furnaces that were more expensive to operate. In the 16 months since US Steel and others backed tariffs, the country's second-largest steel producer lost about 70 percent ($ 5.7 billion) of its market value.

Nucor, the country's leading manufacturer, lost 20 percent of its market capitalization, but CEO John Ferriola cited the move from legacy blast furnaces to a necessary “evolution” that was “accelerated” by recent market disruptions.

“Will other companies suffer? Absolutely, ”he said. “Will we see some opportunities to be missed? I am sure about that."