President Donald Trump spent his first weeks in office signing multiple executive orders, including approvals related directly to the steel industry.
Here are 3 key impacts on the steel industry based on President Trump’s executive orders:
1) American-made steel is mandatory for all US pipelines
Trump is requiring the Secretary of Commerce to develop a plan to mandate that new, expanded or retrofitted pipelines use American-made steel. “We are going to put American-produced steel back into the backbone of our country,” said Trump.
2) Increase in infrastructure projects
Trump has greenlighted infrastructure projects be designated as high-priority which will fast track review and approvals of these projects. The goal, according to Trump, is “to put a lot of workers, a lot of steelworkers, back to work.”
3) Steel stock prices are expected to keep rising
Since the election, steel-based companies have seen stock prices rise nearly 60% as investors renew their faith in the steel industry. Due to the first two impacts on the list, it is no surprise that steel stocks are soaring.
If you aren’t using steel in your projects, perhaps you should reconsider. As always, you want it, we’ve got it. Now that’s supply on demand!