Steel Stocks Fall As Trump Reportedly Eyes Tariff Rollback

Alcoa, Cleveland-Cliffs, and Nucor slide on potential tariff reversal

Published on Feb. 13, 2026

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Steel and aluminum producers like Nucor, Cleveland-Cliffs, and Alcoa saw their stock prices drop by 5-6% in early trading after reports surfaced that former President Trump may reverse the steel and aluminum tariffs he had previously implemented. Traders quickly moved to de-risk metal names, particularly those most sensitive to domestic pricing spreads, as the tariffs had acted as a cushion supporting margins and limiting cheaper imports.

Why it matters

Policy shifts can reshape entire sectors overnight. Tariffs helped define the earnings power of U.S. steel and aluminum names in recent years, and even the hint of a reversal introduces significant volatility. If the tariffs are rolled back, it would reset the pricing dynamics for these industries.

The details

Tariffs have acted as a cushion for U.S. producers, supporting margins and limiting cheaper imports. If rolled back, that cushion thins. Traders moved quickly to de-risk metal names, particularly those most sensitive to domestic pricing spreads. Cleveland-Cliffs, which has leaned heavily into U.S.-focused steel exposure, saw sharper pressure, while aluminum producer Alcoa also slid on fears of lower realized pricing.

  • On February 13, 2026, reports surfaced that former President Trump may reverse the steel and aluminum tariffs he had previously implemented.

The players

Nucor

A major U.S. steel producer that saw its stock price drop in early trading on the news of potential tariff rollbacks.

Cleveland-Cliffs

A U.S. steel producer that has heavily focused on domestic steel exposure, and saw sharper pressure on its stock price due to its sensitivity to domestic pricing spreads.

Alcoa

A major U.S. aluminum producer that also saw its stock price slide on fears of lower realized pricing if the tariffs are rolled back.

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The takeaway

This case highlights how policy decisions can have a significant and immediate impact on entire industries, as steel and aluminum producers are quickly adjusting their expectations and stock prices in response to the potential reversal of the tariffs that had previously supported their profit margins and pricing power.