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A recent, Senate-approved $1 trillion infrastructure bill, which allocates $110 billion for building roads and bridges, is expected (if passed into law) to drive steel demand in the United States over an extended period. Also, to make the U.S. steel industry more competitive, domestic steelmakers have asked President Biden to remove the import tariffs.
Steel prices are expected to increase in the coming months, given the rising market demand and current supply bottlenecks. Thus, Wall Street analysts expect shares of steel manufacturers Gerdau S.A. (GGB) and Schnitzer Steel Industries, Inc. (NASDAQ:SCHN) to rally by more than 50% in the near term.
