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Shares of Cleveland-Cliffs are up about 16% after the steelmaker forecast profits in the back half of the year will be the strongest in five years. Cliffs is the largest producer of steel for the automotive industry. Goncalves said he would consider restarting an idle steel mill in Dearborn, Mich., if automakers commit to relocating more vehicle production to the U.S. from Mexico, Canada or South Korea.

President Trump’s second-term trade agenda has hardened into a structural policy regime, with U.S. steel imports sitting at their lowest levels since the global financial crisis. That backdrop has turned the under-$40 corner of the industrial market into one of the most asymmetric setups in the market, where a single multi-quarter pricing cycle can re-rate ... 1 Cash-Rich Industrial Titan Under $40 to Buy Hand Over Fist to Capitalize on the New Trump Tariff Supercycle