On April 20, two of America's largest steel companies reported earnings at a time that should have been bullish for steel companies. Imports are at a 17-year low in a tariff-sheltered market. However, having protected pricing is only bullish if a company can profit from it.
That’s where the outlook for Steel Dynamics (NASDAQ: STLD) and Cleveland-Cliffs (NYSE: CLF) diverges. For Q1 2026, Steel Dynamics made $403 million; Cleveland-Cliffs lost $229 million. Understanding the why behind those numbers is essential before investors decide how to approach each stock.
