The steel market has needed a hero to come to its rescue in 2017.
That's because, since peaking back in February, steel stocks have been selling off. The big Market Vectors Steel ETF (SLX) is down almost 16% over that stretch, with no end in sight.
That's changing today, thanks to Donald Trump's Twitter (TWTR) account.
In other words, the new "man of steel" for the steel industry might just be President Trump. And investors should be paying very close attention here: Many steel stocks are either breaking out or on the verge of upward moves thanks to the president's latest tweets.
But one looks better than the rest.
The president took to Twitter on Friday night, touting American steel, as part of a stream of tweets about Infrastructure Week:
The tweet was a follow-up to a speech Trump made in Cincinnati, Ohio last week where he said, "Wait till you see what I'm going to do for steel and for your steel companies."
Market watchers are expecting a U.S. crackdown on foreign steel dumping, after the Commerce Department began an investigation into the national security impact of steel imports. That, coupled with a massive infrastructure initiative from the Trump administration, and a lower U.S. dollar, could provide a triple-whammy for U.S. steelmakers' bottom lines.