Shares of Cleveland-Cliffs Inc. (CLF) rallied over 5% on Monday, as the U.S. steel producer emerged as a major beneficiary of President Trump's announcement to impose additional 25% tariffs on steel imports into the country.

The new tariffs, aimed at protecting domestic producers from cheaper foreign steel, sent shares of American steelmakers soaring in anticipation of reduced competition and potential pricing power. Cleveland-Cliffs, a vertically integrated and low-cost steel producer, was among the top gainers, with its stock surging 5.15% in the past 24 hours.

President Trump's protectionist trade measures were widely cheered by the steel industry, which has long advocated for curbs on imports to level the playing field. With the new tariffs in place, analysts expect domestic steelmakers like Cleveland-Cliffs to benefit from higher steel prices and improved margins as the influx of cheaper foreign steel is curtailed.