Or so suggests early indications from one big-name steel player.
U.S. Steel (X - Get Report) lifted its full year outlook for earnings before interest, taxes, depreciation and amortization [EBITDA] on Monday evening by $200 million to $1.7 billion. The steel giant credited the recent actions by the Trump administration for the profit hike.
"The company expects the benefits from these actions [on tariffs] will be primarily reflected in our results in the second half of the year, as recent price changes become more fully realized for spot and contract volumes, and shipments increase from Granite City Works," U.S. Steel said in a statement.
U.S. Steel shares popped as much as 1% in after-hours trading, extending the stock's one-month rally to an impressive 21%. It's likely other steel names such as Action Alerts Plus holding Nucor (NUE - Get Report) and Steel Dynamics (STLD - Get Report) trade up in sympathy Tuesday off the U.S. Steel news.