Nucor's stock soared 9.78% in intraday trading on Monday, outperforming the broader market. The rally came after President Trump announced plans to impose steep 25% tariffs on imports of steel and aluminum.
The new tariffs aim to protect domestic steel producers like Nucor from foreign competition. As a leading U.S. steel manufacturer, Nucor is expected to benefit significantly from the import restrictions, which could boost demand for its products and support higher steel prices.
Investors reacted positively to the tariff news, driving up shares of Nucor and other domestic steel companies like U.S. Steel and Cleveland-Cliffs. The Trump administration's move is seen as part of a broader protectionist trade agenda to support American industries and reduce the nation's trade deficits.
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