When President Trump first imposed Section 232 tariffs in 2018, they immediately spurred a resurgence in domestic steel investment. American steelmakers poured more than $20 billion into expanding and modernizing production across critical product lines – from hot-rolled sheet and corrosion-resistant plate to rebar and wire rod.

These investments weren’t speculative; they were foundational to national resilience, designed to restore domestic self-sufficiency and economic security.

By 2024, those investments had paid off. U.S. steel capacity now exceeds domestic consumption by more than 19 million tons annually. In product after product, America can meet its own needs without relying on a single ton of imports. For instance, U.S. hot-rolled sheet capacity exceeds demand by 18.1 million tons. Cold-rolled sheet? Overcapacity of 13.2 million tons. Rebar? An excess of 1.5 million tons.

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