President-elect Donald Trump's trade policies could spell good news for the U.S. steel industry, according to Goldman Sachs. Heading into next year, analyst Mike Harris initiated coverage on steel producers Nucor , Commercial Metals Company and Cleveland-Cliffs with buy ratings. His price targets on the three imply 20%-plus gains for the group over the next 12 months. "In our view, the prevailing sentiment towards the U.S.
While China has a "dominant" position as a steel consumer and producer, Harris believes steel imports from China to the U.S. will remain low given the impact of tariffs, supporting U.S. industry growth. He also expects that the industry's supply/demand dynamics will stay firm compared to the historical average.
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