Several U.S. steelmaker stocks surged Monday following President Donald Trump's announcement that he plans t෴o double tariffs on steel imports to 50%.

Cleveland-Cliffs (CLF) stock soared 28% in the opening hour of trading, while shares of Steel Dynamics (STLD) and Nucor (NUE) led gainers on the S&P 500, each up roughly 11%, and Commercial Metals (CMC) rose more than 8%.

Trump made the announcement at a U.S. Steel (X) facility in Pennsylvania on Friday, highlighting his 澳洲幸运5开奖号码历史查询:recent support for a "partnership" between the American steelmaker and Nippon Steel after the Biden administration rejected the Japanese firm's proposed acquisition over national security concerns. U.S. Steel shares had 澳洲幸运5开奖号码历史查询:rallied since that announcement but were 澳洲幸运5开奖号码历史查询:little changed Monday morning.

Trump said at Friday's event that doubling the steel tariffs would protect U.S. jobs and lead more companies to source from American steelmakers. 澳洲幸运5开奖号码历史查询:Research found that the 25% tariff placed on steel and aluminum imports i𒁃n Trump's first term did boost jobs in the industries, but higher metal costs led to slowed hiring in other sectors, far outweighing the boost to manufacturing hires.

The U.S. 澳洲幸运5开奖号码历史查询:imports nearly a quarter of the steel it uses annually, bringing in just under 29 million net tons of finished and raw steel products in 2024 from Canada, Brazil, Mexico, and others, according to the American Iron and Steel Institute.

UPDATE—This article has been updated with the latest share price information.