US steel rebounds under Trump’s tariffs, climbing 3% in 2025. But as prices rise, are the steel barons the real winners?

American steel production jumped to 82 million tons in 2025, up about 3%, pushing the U.S. past Japan to become the world’s third-largest steel producer, behind only China and India. It’s the first time in 26 years the U.S. has held that spot (1). The surge was driven in large part by President Trump’s 50% tariffs on imported steel, imposed in June 2025, which made foreign steel significantly more expensive and steered buyers toward domestic suppliers. Must Read On the surface, that sounds like a win f ...