US Steel, Cleveland-Cliffs, Nucor And More: 5 Steel Stocks On Retail’s Radar As 2024 Presidential Election Gets Underway

The 2024 presidential election is underway, and the outcome has implications for different industries, sectors, and companies. Steel stocks are widely expected to sparkle if Republican nominee Donald Trump retakes the White House.

LPL Financial Chief Investment Strategist Jeffrey Buchbinder and Chief Technical Strategist Adam Turnquist said in the firm’s weekly commentary published on Monday that banks & financials, defense, oil & gas, small-caps, and U.S. steelmakers will likely be winners in a potential Trump presidency. 

The VanEck Steel ETF ($SLX), an exchange-traded fund comprising steel stocks,  has underperformed the broader market this year. The ETF is down 8.14% for the year-to-date period

The weakness reflected a lackluster outlook for the steel industry amid an uncertain economic outlook. The year 2024 has been a difficult period for global steel demand as the manufacturing sector grappled with headwinds such as declining household purchasing power, elevated interest rates and escalating geopolitical tensions, an American machinist report said, citing Dr. Martin Theuringer, managing director of the German Steel Association. and chairman of the World Steel Economics Committee.

Global steel consumption will likely decline to 1.75 billion metric tons in 2024, about 12 million metric tons below 2023 levels, according to the World Steel Association’s forecast published in April, the report added.

The U.S. is now the world’s fourth largest steel producer (85.79 million metric tons), trailing China (1.03 trillion tons), India and Japan.

Trump has promised to ensure that the supply chain for essential goods would be 100% American, according to a Reuters report. He has promised to block the proposed acquisition of United Steel Corp. ($X) by Japan’s Nippon Steel.

Against the backdrop, retail is closely watching the following U.S. steelmakers:

US Steel: The Pittsburgh, Pennsylvania-based company recently reported a double beat for its third quarter but issued lackluster forward commentary. The company also said it remains confident of closing the Nippon Steel transaction by the year end. 

On Stocktwits, US Steel has the most watcher count (over 35,000) among the major domestic steel makers.

Cleveland-Cliffs, Inc. ($CLF): Cleveland, Ohio-based flat-rolled steel manufacturer reported Tuesday disappointing third-quarter results and issued a subdued outlook. The stock shed over 7% following the earnings report. 

The stock has nearly 30,000 watchers on Stocktwits.

Nucor Corp. ($NUE): Nucor’s third-quarter earnings report released on Oct. 21 showed adjusted earnings per share (EPS) declining from $2.68 to $1.49, as consolidated sales fell 8% to $7.44 billion. The average sales price per ton fell sharply from a year ago, while shipments saw a more modest drop. 

Nucor is being followed by over 7,500 watchers on Stocktwits platform.

Steel Dynamics, Inc. ($STLD): Fort Wayne, Indiana-based Steel Dynamics’ third-quarter profit fell sharply amid lower steel prices. The company, however, expressed optimism regarding the industry outlook for 2025.

Steel Dynamics has nearly 3,900 watchers on Stocktwits.

Radius Recycling, Inc. ($RDUS): Radius Recycling, which previously went by the name Schnitzer Steel, is a manufacturer and recycler of metal products in the U.S. The Portland, Oregon-based company reported in late-October a loss per share from continuing operations of $0.56.

The stock has over 2,600 watchers on Stocktwits.

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