Import mix and supply pressure
U.S. steel import volumes fell in 2025 as higher Section 232 rates took hold. By full-year volume, the largest suppliers were Canada, Brazil, Mexico, South Korea, and Germany—not a static cast of characters from earlier years. After Russia’s 2022 invasion of Ukraine, U.S. imports of Russian steel collapsed under loss of normal trade status, Column 2 treatment, Russia-specific duty hikes, and broader sanctions. That lost tonnage was not replaced one-for-one overnight, which has supported tighter supply and firmer pricing alongside the tariff regime itself.
