2 Steel Stocks Soaring as Trump Moves to Double Tariffs

Core Viewpoint - Cleveland-Cliffs Inc (CLF) and Steel Dynamics Inc (STLD) shares are experiencing significant gains following President Trump's announcement to double steel tariffs to 50% from 25%, effective Wednesday, which adds to existing global trade tensions [1] Group 1: Stock Performance - CLF shares are up 27.8%, trading at $7.43, marking the best single-day percentage gain since 2016 and breaking a seven-day losing streak [2] - CLF's stock is recovering from a four-year low of $5.63 and is currently down 21.2% year-to-date [2] - STLD shares are up 11.3% at $136.89, reaching the highest level since December and poised for its first daily gain in four sessions [3] Group 2: Market Dynamics - STLD is on track for its best day since November, having gapped above the $40 resistance level that previously capped rallies in February and May [3] - For 2025, STLD shares show a healthy 20.1% lead [3] Group 3: Options Activity - In the options market, STLD is seeing five times the typical overall options volume, while CLF's volume is running at eleven times the intraday average [4] - The most active options contract for STLD is the June 135 put, with positions being sold to open, while for CLF, it is the June 8 call [4]