Dernières nouvelles pour SPDR S&P Metals & Mining ETF (ARCA:XME)

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In seeking to track the performance of the S&P Metals & Mining Select Industry Index (the index), the fund employs a sampling strategy. It generally invests substantially all, but at least 80%, of its total assets in the securities comprising the index. The index represents the metals and mining segment of the S&P Total Market Index (S&P TMI). The fund is non-diversified.

Carpenter Technology Corp

Ati Inc

Newmont Corp.

Royal Gold Inc

United States Steel Corp Common Stock

Steel Dynamics Inc

Reliance Steel & Aluminum Co.

Nucor Corp.

Commercial Metals Co

Hecla Mining Co

Cleveland-cliffs Inc

Freeport-McMoran Copper & Gold Inc

Core Natural Resources Inc.

Coeur Mining Inc

XEMEX GROUP INC by Xemex Group Inc.

XMet Inc

Steel Dynamics Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STLD#NASDAQ">STLD</a>) on Wednesday announced <a target="_blank" href="https://www.benzinga.com/pressreleases/25/06/n45992939/steel-dynamics-provides-second-quarter-2025-earnings-guidance" rel="noreferrer noopener">guidance for second-quarter 2025</a> earnings, projecting between $2.00 and $2.04 per share. The outlook falls short of the $2.64 consensus estimate but improves on the prior quarter&#8217;s $1.44. It also remains below the $2.72 reported in the same period a year ago.
The company anticipates improved profitability from its core steel operations, driven by wider metal spreads and average steel prices rising faster than raw material costs. However, pretax earnings for the segment were reduced by about $32 million due to a noncash write-off of consumable assets.
Also Read: <a target="_blank" href="https://www.benzinga.com/trading-ideas/movers/25/06/45873964/steel-stocks-slide-on-potential-us-mexico-tariff-deal-report" rel="noreferrer noopener">Steel Stocks Slide On Potential US-Mexico Tariff Deal: Report</a>
Steel fabrication earnings are expected to decline quarter-over-quarter due to compressed margins despite stable shipment volumes and rising input costs. Still, the order backlog improved and extends through 2025, supported by manufacturing investment and U.S. infrastructure initiatives.
The company expects steady performance in its metals recycling segment as stronger volumes offset lower pricing.
Also Read: <a href="https://www.benzinga.com/news/earnings/25/04/44939472/steel-dynamics-reports-q1-earnings-revenue-beat-eps-beat-improving-demand-drives-solid-steel-consumption-forecast" target="_blank" rel="noreferrer noopener">Steel Dynamics Reports Q1 Earnings: Revenue Beat, Demand Drives &#8216;Solid&#8217; Steel Consumption Forecast</a>
Commissioning of Steel Dynamics&#8217; new aluminum facilities in Mississippi and Mexico remains on track. First casting milestones were completed earlier this year, and initial shipments are expected by mid-2025.
As of June 11, the company had repurchased $179 million of its common stock, roughly 1% of shares outstanding.
Related ETFs: SPDR S&amp;P Metals and Mining ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XME#NYSE">XME</a>), VanEck Steel ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLX#NYSE">SLX</a>)
Price Action: STLD shares are trading lower by 2.44% at $129.91 premarket at the last check Wednesday.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/commodities/25/06/45995131/90-of-materials-firms-burned-billions-on-bad-buybacks-meet-the-3-winners" target="_blank" rel="noreferrer noopener">90% Of Materials Firms Burned Billions On Bad Buybacks &#8211; Meet The 3 Winners</a></li>
</ul>

News

Guidance

Commodities

STLD

Steel Dynamics Sees Q2 Rebound From Q1 But Still Trails Street Forecast

The leaders of the Group of Seven (G7) unveiled a new action plan for critical minerals on Tuesday, following their latest meeting in Kananaskis, Alberta. The initiative, designed to secure <a target="_blank" href="https://www.benzinga.com/topic/tariffs" rel="noreferrer noopener">global supplies of essential materials</a> for clean energy, defense, and digital technology, is a step toward building transparent, reliable supply chains and boosting investments in sustainable mineral production.
"We recognize the need to work together to increase investment in responsible critical minerals projects within the G7 and around the world," the leaders said in a <a target="_blank" href="https://www.pm.gc.ca/en/news/statements/2025/06/17/g7-critical-minerals-action-plan" rel="noreferrer noopener">joint statement</a> released at the end of the summit.
The document also highlighted the opportunity to establish mutually beneficial partnerships with developing countries, creating stable, long-term supply relationships that foster shared economic growth.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/politics/25/06/45992119/trump-cuts-g7-visit-short-calls-canada-deal-achievable" rel="noreferrer noopener">Trump Cuts G7 Visit Short, Calls Canada Deal ‘Achievable'</a>
While the action plan does not directly name China, it calls out "non-market policies and practices" that distort critical mineral supply chains. The semantics reflect a growing concern among G7 members over China's dominance in markets for rare earth elements and materials such as lithium, cobalt, and graphite—resources critical to electric vehicles, batteries, and military technology.
"Non-market policies and practices in the critical minerals sector threaten our ability to acquire many critical minerals," the statement said. "We will work together and with partners beyond the G7 to swiftly protect our economic and national security."
The plan outlines key areas of action, including the development of standards-based markets, increased public and private investment, and partnerships with mineral-rich countries. These efforts include streamlining permitting processes, mitigating investment risks, and promoting new mining, processing, and recycling technologies.
At a press conference, Canadian Prime Minister and G7 chair Mark Carney noted the urgency of securing reliable mineral supply chains.
"They [G7 leaders] acknowledged that both energy security and the digital transition are underpinned by secure and responsible critical mineral supply chains and that more collaboration is required, within and beyond the G7," Carney <a target="_blank" href="https://www.pm.gc.ca/en/news/statements/2025/06/17/g7-chairs-summary" rel="noreferrer noopener">said</a> in a summary. He also announced the creation of the Canada-led Critical Minerals Production Alliance to help guarantee supplies for advanced manufacturing and defense industries in partner nations.
G7 plans to address the matter further at the Conference on Critical Materials and Minerals, scheduled for September in Chicago.
Read Next:
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<li><a href="https://www.benzinga.com/trading-ideas/long-ideas/25/06/45975943/these-3-gold-stocks-have-rocketed-50-thanks-to-a-floundering-dollar" target="_blank" rel="noreferrer noopener">These 3 Gold Stocks Have Rocketed 50%, Thanks To A Floundering Dollar</a></li>
</ul>
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iShares S&P GSSI Natural Resources Sector Index Fund

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PICK

PowerShares Dynamic Basic Materials Sector Portfolio

Market Vectors Rare Earth/Strategic Metals Etf

REMX

RING

G7 Targets Supply Chain Security With Critical Minerals Plan

United Kingdom-based potash developer Kore Potash has signed a non-binding term sheet agreement with Swiss investment platform OWI-RAMS to secure $2.2 billion in financing <a target="_blank" href="https://www.benzinga.com/topic/potash" rel="noreferrer noopener">for its flagship</a> Kola Project in the Republic of Congo (Congo-Brazzaville).
The agreement is a dual-structured funding package with approximately $1.53 billion in senior secured project finance (70%) and around $655 million in royalty financing (30%).
"The signing of these term sheets represents a pivotal step forward in realizing the full potential of the Kola Project. By securing a less dilutive funding structure aligned with long-term sustainability and value creation, we are safeguarding shareholder interests while advancing food security in Africa and beyond," David Hathorn, Chairman of Kore Potash, <a target="_blank" href="https://korepotash.com/wp-content/uploads/2025/06/Non-Binding-Term-Sheets-for-US2.2-billion-signed.pdf" rel="noreferrer noopener">said</a> in a statement.
Under the terms, the senior secured facility—structured to comply with Shariah principles—will carry a fixed profit payment between 6.8% and 9.3% annually, with repayments deferred through the 49–to 50–month construction phase and amortized over 7 to 8 years.
Although non-binding, the agreement represents a milestone in Kore's efforts to bring Kora to production. However, implementing this plan is contingent upon Kore fulfilling several requirements, including appointing a third-party project monitor, finalizing an operator agreement, mitigating political risk, and expanding its internal project execution team.
The royalty finance facility introduces a quasi-equity model. OWI-RAMS will receive 14% of the gross revenue during the loan repayment period, increasing to 16% upon full repayment. This arrangement enables Kore to prevent equity dilution, thereby safeguarding shareholder value. Furthermore, OWI-RAMS is granted the right to acquire up to 100% of the mine's muriate of potash (MoP) output at prices aligned with the market for the entire 23-year project duration.
The Kola project, located in the Sintoukola Basin, is 97% owned by Kore and is expected to produce 2.2 million tons of MoP annually, totaling approximately 50 million tons over its life. Kore also owns the nearby Dougou Extension project.
Potash is a vital agricultural nutrient used in fertilizers, with no known substitutes for its potassium content, essential for plant growth and human and animal nutrition. The latest<a target="_blank" href="https://pubs.usgs.gov/periodicals/mcs2025/mcs2025-potash.pdf" rel="noreferrer noopener"> U.S. Geological Survey</a> showed that global demand for potash remains robust at 40.9 million tons in 2025, driven by food security needs, population growth, and concerns over soil health.
Read Next:
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<li><a href="https://www.benzinga.com/etfs/specialty-etfs/25/06/45869385/silvers-35-breakout-the-best-etfs-for-the-bullish-ride" target="_blank" rel="noreferrer noopener">Silver's $35 Breakout: The Best ETFs For The Bullish Ride</a></li>
</ul>
Mining image via Shutterstock

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EWUS

FLGB

KPPLF

Kore Potash Secures $2.2 Billion Term Sheet For Project In Republic of Congo

Steel tariffs are back with a bang, and investors are already positioning for the winners. As the U.S. slaps a <a href="https://www.benzinga.com/news/topics/25/05/45708977/trump-doubles-steel-tariffs-to-50-saying-it-will-secure-american-jobs-backs-us-steels-takeover-by-japans-nippon" target="_blank" rel="noreferrer noopener">prohibitive 50% tariff</a> on imported steel and aluminum, Cleveland-Cliffs Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CLF#NYSE">CLF</a>), Nucor Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NUE#NYSE">NUE</a>) and Steel Dynamics Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STLD#NASDAQ">STLD</a>) are emerging as the early champions of this protectionist pivot.
According to Tracy Shuchart, senior economist at NinjaTrader, the tariff surge is a short-term policy maneuver, but it brings long-term opportunities for domestic producers. &#8220;At 50%, these tariffs are reaching what economists call prohibitive levels—they&#8217;re so high that they fundamentally distort market mechanisms rather than simply providing competitive protection,&#8221; Shuchart said in an exclusive email interview with Benzinga.
Read Also: <a href="https://www.benzinga.com/markets/tech/25/06/45786145/trumps-50-steel-tariff-could-drive-up-the-costs-for-automakers-almost-2000-of-cost-for-each-car">Trump&#8217;s 50% Steel Tariff Could Drive Up The Costs For Automakers: &#8216;Almost $2,000 Of Cost For Each Car&#8217;</a>
<h2 class="wp-block-heading">Tariffs To Benefit Cleveland, Nucor, Steel Dynamics&#8217; Margins</h2>
Cleveland-Cliffs saw a 25.2% gain in early trading after the announcement, not just on sentiment but solid fundamentals. The company is heavily exposed to imports, particularly in flat-rolled products, and now has room to raise prices by $200-300 per ton while still staying competitive. 
&#8220;Cliffs can immediately implement price increases of $200–300 per ton while still remaining competitive,&#8221; Shuchart added.
Nucor, with its low-cost electric arc furnace model, is positioned to expand its already solid margins. Its scale, cost discipline, and flexible mini-mill network could boost EBITDA margins to the 18–20% range over the next 12–18 months. &#8220;With import competition effectively removed, Nucor can maintain its cost advantage while capturing significantly higher margins,&#8221; Shuchart said.
Meanwhile, Steel Dynamics, which had ventured into aluminum production, now looks prophetic. With both steel and aluminum tariffs rising, Steel Dynamics&#8217;s dual exposure could unlock a new wave of pricing power. &#8220;This diversification strategy, which seemed risky 18 months ago, now looks prescient,&#8221; said Shuchart.
<h2 class="wp-block-heading">Broad-Market Beneficiaries</h2>
Investors looking to ride the broader wave may also consider steel-focused ETFs like the VanEck Steel ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLX#NYSE">SLX</a>) or the SPDR S&amp;P Metals and Mining ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XME#NYSE">XME</a>), which offer diversified exposure to these names.
While these gains are real, Shuchart cautions this is not a forever story. Structural supply gaps and midterm politics could force a policy rethink by late 2025. 
But for now, domestic steel stocks stand to gain, and this trio is leading the charge.
Read Next: 
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/commodities/25/06/45766967/us-aluminum-tariffs-risk-supply-chain-and-food-security-industry-insiders-warn">US Aluminum Tariffs Risk Supply Chain And Food Security, Industry Insiders Warn</a></li>
</ul>
Photo: Shutterstock

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EXCLUSIVE: Tariff Titans - Why Cleveland-Cliffs, Nucor, Steel Dynamics Could Outmuscle The Competition

The U.S. and Ukraine have officially signed an agreement granting the U.S. access to Ukraine's mineral resources. Two parties inked the deal two months after a heated meeting at the White House between two presidents, Donald Trump and Volodymyr Zelensky, abruptly <a target="_blank" href="https://www.benzinga.com/news/global/25/02/44053592/white-house-meeting-turns-tense-as-trump-warns-zelenskyy-youre-gambling-with-world-war-iii" rel="noreferrer noopener">ended the negotiations</a>.
"Thanks to President Trump's tireless efforts to secure a lasting peace, I am glad to announce the signing of today's historic economic partnership agreement between the United States and Ukraine establishing the United States-Ukraine Reconstruction Investment Fund," said U.S. Secretary of the Treasury Scott Bessent, <a target="_blank" href="https://x.com/KobeissiLetter/status/1917700867353923761" rel="noreferrer noopener">per</a> The Kobeissi Letter.
"Together with the United States, we are creating the Fund that will attract global investment into our country," Ukrainian First Vice Prime Minister Yulia Svyrydenko <a target="_blank" href="https://x.com/Svyrydenko_Y" rel="noreferrer noopener">wrote</a> on X.
Under the agreement, the U.S. will have priority access to new investment projects involving Ukrainian critical minerals. Kyiv and Washington will establish an investment fund, through which profits will be funneled, aiming to support Ukraine's recovery and offset future U.S. military assistance.
Trump initially demanded $500 billion worth of mineral wealth as repayment for U.S. military aid, but Ukraine pushed back, <a target="_blank" href="https://www.benzinga.com/25/02/43968607/trump-negotiates-a-very-big-deal-for-ukraines-mineral-wealth" rel="noreferrer noopener">seeking security guarantees</a> in return. Reuters <a target="_blank" href="https://www.reuters.com/world/kyiv-is-ready-sign-resources-deal-with-us-ukraine-government-source-says-2025-04-30/" rel="noreferrer noopener">confirmed</a> that the signed deal does not require Ukraine to repay past military aid and doesn't contain any concrete U.S. security guarantees.
Ukraine holds substantial reserves of rare earth elements essential for the technology, defense, and clean energy industries. It is the sixth-largest global producer of Titanium, although production has been on a decline since 2012.
Still, nearly half of mineral deposits are concentrated in Luhansk, Donetsk, Zaporizhzhia, Dnipropetrovsk, Kirovohrad, Poltava, and Kharkiv—territories that are partly under Russian control, complicating extraction efforts.
Marko Papic, Chief Strategist at BCA Research, <a target="_blank" href="https://www.benzinga.com/news/global/25/02/44057033/this-is-something-that-president-trump-does-over-and-over-again-geopolitical-strategist-says-about-failed-rare-minerals-deal-with-ukraine-president-zelenskyy" rel="noreferrer noopener">warned</a> that resource extraction is just one part of the equation.
"Even if you somehow manage to get the rare earths out, the question would be—where do you refine them? The fact is that most of them would have to go to China. That's the critical bottleneck in this whole situation."
This deal is a good example of Trump's transactional approach to foreign policy and leveraging economic incentives to build domestic support.
"This is something President Trump does over and over again," Papic noted. "The theater surrounding his deals, the back-and-forth, is designed to build domestic consensus, particularly among his voters."
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/25/04/45124644/trump-blames-gdp-contraction-on-biden-overhang-nothing-to-do-with-the-tariffs" target="_blank" rel="noreferrer noopener">Trump Blames GDP Contraction On Biden ‘Overhang': ‘Nothing To Do With The Tariffs'</a></li>
</ul>
Photo by Dmytro Larin via Shutterstock

Media

SLVP

US And Ukraine Sign Mineral Resource Deal

The world&#8217;s largest exchange-traded fund tracking the Nasdaq 100 index is on track for its worst week of outflows since November 2024, highlighting growing investor unease about the sustainability of the tech sector&#8217;s rebound from <a href="https://www.benzinga.com/topic/tariffs">the tariff-led selloff.</a>
The Invesco QQQ Trust, Series 1 (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) lost $3.97 billion over the first four days of the week, according to TradingView data, with Friday's flows yet to be reported. This marks potentially the worst weekly outflows in six months. 
Notably, this exodus occurs even as the Nasdaq 100 posted a robust weekly performance, soaring over 6%.
The VanEck Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMH#NASDAQ">SMH</a>) suffered outflows for $1.4 billion over the week, the worst since July 2024. 
Similarly, the iShares Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NASDAQ">SOXX</a>) recorded $347 million in outflows this week, heading toward its worst weekly outflow since December 2024. This drain comes even as chipmaker stocks surged 11% over the same period, the strongest weekly gains since November 2022. 
Pressure is also being felt at the top of the tech elite: The Roundhill Magnificent Seven ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MAGS#NYSE">MAGS</a>) registered outflows for the second consecutive week.
<h1 class="wp-block-heading">Investors Are Rotating Out Of Tech Into Blue-Chip Stocks</h1>
Instead of an outright exit from risk assets, the flows suggest a sector rotation as investors appear to be moving from tech stocks into more traditional blue-chip names.
The SPDR Dow Jones Industrial Average ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) recorded its largest single-day inflow since August 2020 on Monday, with $1.6 billion of fresh capital. 
By the week&#8217;s end, ETF pulled in $1.53 billion overall, eyeing the strongest weekly inflow in nearly five years.
<h1 class="wp-block-heading">Sector Fund Flows: Winners and Losers</h1>
<ul>
<li>The Communication Services Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>) gathered $124 million, poised for its third consecutive week of inflows.</li>
<li>The Consumer Staples Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>) attracted $7 million in new capital, halting a two-week streak of outflows.</li>
<li>The Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) extended its painful trend, losing $717 million, marking the sixth consecutive week of outflows.</li>
<li>The Consumer Discretionary Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>) saw an $84 million influx, posting its second straight week of gains.</li>
<li>The Financial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>) experienced significant outflows totaling $666 million.</li>
<li>The Health Care Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>) registered $40 million in outflows.</li>
<li>The Industrials Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLI#NYSE">XLI</a>) attracted $140 million in fresh money.</li>
<li>The Materials Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>) gained $52 million in inflows.</li>
<li>The Real Estate Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>) saw $62 million in inflows, reflecting growing interest in defensive sectors.</li>
<li>The Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) managed to secure $105 million in inflows despite broader tech weakness.</li>
<li>The Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) posted $230 million in new investments, marking its second straight week of inflows, as investors seek safety in traditionally defensive sectors.</li>
</ul>
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/04/45007990/stay-big-sell-rips-hartnett-doubts-bull-market-without-3-key-catalysts">&#8216;Stay BIG, Sell Rips&#8217;: Hartnett Doubts Bull Market Without 3 Key Catalysts</a></li>
</ul>
Photo: Drozd Irina via Shutterstock

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Select Sector SPDR-Consumer Discretionary

QQQ ETF Faces Worst Week Of Outflows Since November As Investors Sell The Tech Rally

JP Morgan analyst Bill Peterson downgraded United States Steel Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/X#NYSE">X</a>) from Overweight to Neutral and cut the price <a target="_blank" href="https://www.benzinga.com/quote/x/analyst-ratings" rel="noreferrer noopener">forecast from $43 to $38</a>.
The analyst cited the pending NSC deal, which seems to be &#8216;in the hands <a target="_blank" href="https://in.benzinga.com/25/03/44545889/nippon-attempts-to-revive-us-steel-deal-with-larger-capital-investments" rel="noreferrer noopener">of the Trump administration&#8217; as the reason</a>.
In recent news, Nippon Steel&nbsp;and&nbsp;United States Steel&nbsp;are reportedly negotiating with the Trump administration to revive their $14 billion merger by significantly boosting investments in U.S. Steel&#8217;s <a target="_blank" href="https://www.benzinga.com/news/guidance/25/03/44432858/us-steel-faces-q1-pressures-but-eyes-long-term-gains-from-br2-nippon-partnership" rel="noreferrer noopener">Rust Belt facilities.</a>
Also Read: <a target="_blank" href="https://www.benzinga.com/25/04/44733757/trump-torpedoes-us-steel-deal-x-stock-tumbles-despite-bullish-chart" rel="noreferrer noopener">Trump Torpedoes US Steel Deal, X Stock Tumbles Despite Bullish Chart</a>
The analyst writes that, on the demand side, construction is under pressure, while tin/container demand should benefit from S232 tariffs.
Meanwhile, Peterson believes that the auto sector may experience short-term demand pull-through from earlier pre-buying, with longer-term tariff risks potentially impacting demand.
Regarding BRS2&#8217;s ramp-up, the analyst expects upstream melt capacity to be fully online in the second half of 2025, with the entire facility reaching steady-state production by 2026.
The analyst notes that last month, the company guided for the first quarter of 2025 adjusted EPS loss of 53 cents–49 cents (vs.&nbsp;consensus loss of 30 cents) and adjusted EBITDA of about $125 million, in line with <a target="_blank" href="https://www.benzinga.com/news/guidance/25/03/44432858/us-steel-faces-q1-pressures-but-eyes-long-term-gains-from-br2-nippon-partnership" rel="noreferrer noopener">prior&nbsp;outlook of&nbsp;$100 million&nbsp;– $150 million</a>.
Consequently, Peterson now estimates softer FRP shipments this year and flat next year (-0.9%/+0.4% vs. previous +0.1%/+0.0%) to account for auto tariff risks.
Investors can gain exposure to the stock via&nbsp;VanEck Steel ETF&nbsp;(NYSE:<a target="_blank" href="https://www.benzinga.com/stock/SLX#NYSE" rel="noreferrer noopener"> SLX</a>) and&nbsp;SPDR S&amp;P Metals &amp; Mining ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XME#NYSE">XME</a>).
Price Action: United States Steel shares are up 0.65% at $41.66 at the last check Wednesday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com//node/44727180" target="_blank" rel="noreferrer noopener">Cramer Praises Trump For Pushback On Nippon &#8216;Dumper&#8217; Steel, Calls The Block A &#8216;Smart Move&#8217;</a></li>
</ul>
Photo by T. Schneide via Shutterstock

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With Nippon Deal In Trump's Court, JPMorgan Turns Cautious On US Steel

United States Steel Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/X#NYSE">X</a>) shares are trading lower premarket on Friday. On Thursday, the company guided for the first quarter of 2025 adjusted EPS loss of 53 cents &#8211; 49 cents vs. <a href="https://www.benzinga.com/pressreleases/25/03/b44425492/united-states-steel-corporation-provides-first-quarter-2025-guidance" target="_blank" rel="noreferrer noopener">consensus loss of 30 cents</a>.
Also, the company expects adjusted EBITDA of about $125 million in the first quarter of 2025, in line with prior&nbsp;first quarter&nbsp;outlook of <a target="_blank" href="https://www.benzinga.com//node/43353295" rel="noreferrer noopener">$100 million&nbsp;&#8211; $150 million.</a>
The company projects the Flat-Rolled segment&#8217;s adjusted EBITDA to be lower sequentially on typical seasonal logistics constraints in the mining sector, which is expected to unwind in the second quarter.
United States Steel expects higher average selling prices and higher volumes <a href="https://www.benzinga.com/calendars/guidance">to partially offset this mining impact.</a>
Meanwhile, the company anticipates Mini Mill segment&#8217;s adjusted EBITDA to be higher Q/Q on higher shipments.
Apart from this, the European segment&#8217;s adjusted EBITDA is expected to improve Q/Q due to an increase in shipments, volume efficiencies, and favorable raw material pricing despite the challenging demand environment in Europe.
On the other hand, the company sees Tubular segment&#8217;s adjusted EBITDA to be higher Q/Q led by an increase in prime shipments and rise in average selling prices.
President and Chief Executive Officer David B. Burritt said, &#8221;BR2 is expected to make a significant contribution to our 2025 EBITDA, with run-rate throughput expected during the second half of 2025 and full run-rate capability in 2026.&#8221;
&#8220;We applaud President Trump&#8217;s leadership and advocacy for the American steel industry in his recent tariff announcements. We continue to assess the benefit we expect from these tariff policies.&#8221;
&#8221;Combined with the partnership with Nippon Steel, which includes investment commitments, technology transfer and innovation, U. S. Steel&#8217;s future is extremely bright.&#8221;
Investors can gain exposure to the stock via&nbsp;VanEck Steel ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLX#NYSE">SLX</a>) and SPDR S&amp;P Metals &amp; Mining ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XME#NYSE">XME</a>).
Price Action: X shares are down 1.34% at $40.51 premarket at the last check Friday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/commodities/25/03/44423382/billionaire-stanley-druckenmiller-boosts-us-steel-stake-by-143-is-he-betting-on-merger" target="_blank" rel="noreferrer noopener">Billionaire Stanley Druckenmiller Boosts US Steel Stake By 143%: Is He Betting On Merger?</a></li>
</ul>
Image via Shutterstock.

Movers

US Steel Faces Q1 Pressures, But Eyes Long-Term Gains From BR2 & Nippon Partnership

The Trump administration granted Nippon Steel and United States Steel Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/X#NYSE">X</a>) a 21-day extension in their lawsuit over the proposed merger, <a href="https://www.benzinga.com/25/02/43576917/trump-says-reconsiders-nippon-steels-149-billion-us-steel-deal-theyve-agreed-to-invest-heavilyas-opposed-to-own-it" target="_blank" rel="noreferrer noopener">allowing further negotiations with regulators.</a>
What Happened: The Wall Street Journal <a href="https://www.wsj.com/business/deals/nippon-steel-u-s-steel-lawsuit-gets-extension-to-continue-government-negotiations-3638d994" target="_blank" rel="noreferrer noopener">reported </a>that the Department of Justice pushed back the litigation briefing deadlines, citing a motion filed on Friday. 
Additionally, the oral argument, initially set for April 24, has been rescheduled to May 12.
The move indicates that President Donald Trump may approve the deal, <a href="https://edition.cnn.com/2025/03/17/business/us-steel-nippon-trump-cfius/index.html" target="_blank" rel="noreferrer noopener">reports </a>CNN.
Former President Joe Biden <a href="https://www.benzinga.com/trading-ideas/movers/25/01/42787508/biden-blocks-14-9b-us-steel-takeover-shares-plunge">blocked it</a>, citing national security and domestic supply chain concerns.
Also Read:<a target="_blank" href="https://www.benzinga.com/tech/25/03/44376743/google-parent-alphabet-to-acquire-wiz-in-32-billion-deal-its-biggest-bet-yet" rel="noreferrer noopener"> Google Parent Alphabet To Acquire Wiz In $32 Billion Deal, Its Biggest Bet Yet</a>
Why It Matters: Last month, Trump contemplated approving Nippon Steel&#8217;s $14.1<a href="https://www.benzinga.com/markets/asia/25/02/43574248/trump-hints-at-rekindling-nippon-steels-14-billion-acquisition-of-united-steel-in-talks-with-japanese-pm-ishiba" target="_blank" rel="noreferrer noopener"> billion bid</a> for U.S. Steel as an investment rather than a purchase. The remarks were made in the presence of Japanese Prime Minister Shigeru Ishiba at the Oval Office.
The latest extension aims to facilitate continued discussions between the companies and the government in an attempt to resolve the situation without proceeding to a full legal resolution.
In December 2023, Nippon Steel agreed to purchase U.S. Steel, but ended up in a legal dispute with the Biden administration last year over the stalled acquisition.
In early January, CEO&nbsp;Eiji Hashimoto&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/25/01/42870745/nippon-steel-ceo-slams-tariffs-defends-15-billion-us-steel-merger-amid-national-security-concerns-we-never-think-that-industry-can-become-stronger-through-tariffs-alone" rel="noreferrer noopener">dismissed tariffs as an inadequate solution</a>&nbsp;for bolstering the U.S. steel industry. He defended the merger, asserting that it would strengthen national security by creating a more resilient and competitive company.
In response, Nippon Steel and U.S. Steel filed a lawsuit in January, claiming the decision was influenced by President Biden&#8217;s desire to gain favor with the United Steelworkers union in Pennsylvania.
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, X stock has gained over 3% in the past year. Investors can gain exposure to the stock via&nbsp;SPDR S&amp;P Metals &amp; Mining ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XME#NYSE">XME</a>).
Price Action: X shares are trading higher by 0.36% to $40.26 premarket at last check Tuesday.
Read Next:
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<li><a href="https://www.benzinga.com/25/03/44377660/walgreens-executive-chair-stefano-pessina-seeks-to-strengthen-control-with-nearly-double-stake" target="_blank" rel="noreferrer noopener">Walgreens&#8217; Executive Chair Stefano Pessina Seeks To Strengthen Control With Nearly Double Stake</a></li>
</ul>

General

Trump Eyes Approval Of Controversial Steel Merger: Nippon, US Steel Await Key Decision

U.S. Interior Secretary Doug Burgum called for increased activity in the commodity sector, urging industry leaders to seize opportunities on public lands. At the CERAWeek energy conference in Houston on Wednesday, Burgum noted the need for <a target="_blank" href="https://www.benzinga.com/markets/commodities" rel="noreferrer noopener">higher domestic production</a> and reduced dependence on foreign supply chains.
"If we're going to drill, baby, drill, then we've got to be asked to also mine, baby, mine," Burgum told the audience, according <a target="_blank" href="https://www.reuters.com/world/us/ceraweek-us-can-slash-20-30-regulation-boost-energy-interior-secretary-says-2025-03-12/" rel="noreferrer noopener">to</a> Reuters.
President Donald Trump's administration has actively pursued policies to bolster domestic supply chains, including a yet-to-be-signed <a target="_blank" href="https://www.benzinga.com/news/global/25/02/44057033/this-is-something-that-president-trump-does-over-and-over-again-geopolitical-strategist-says-about-failed-rare-minerals-deal-with-ukraine-president-zelenskyy" rel="noreferrer noopener">agreement with Ukraine</a> for mineral resource cooperation. Additionally, Trump has proposed building critical mineral refining facilities on Pentagon-controlled military bases.
Burgum, a former governor of North Dakota, the third-largest oil-producing state, noted opportunities to generate government revenue. According to his estimates, the current administration could unwind 20% to 30% of existing production regulations, significantly lowering the cost of commodity extraction.
The Interior Secretary stressed the importance of strengthening critical minerals production, citing growing concerns about China's dominance in the sector.
"We put ourselves in a position of incredible risk, where we've allowed ourselves to have a major competitor control 80% of the processing for critical minerals," Burgum said.
He proposed leveraging the planned U.S. sovereign wealth fund and strengthening collaboration with allied nations to secure a stable supply of key minerals like lithium and nickel to counter this situation.
According to <a target="_blank" href="https://www.benzinga.com/news/24/07/39870803/us-mine-development-delays-among-worlds-longest-second-only-to-zambia" rel="noreferrer noopener">last year's study</a>, the U.S. must find ways to cut the red tape on its mineral production. Its permitting process is the second-slowest in the world, taking as much as 29 years from discovery to production.
Still, there is a delicate balance between deregulation and environmental destruction. The Biden administration blocked one of the largest domestic projects, the Pebble Mine project in Alaska, citing environmental risks to the Bristol Bay watershed.
In response to Burgum's remarks, the National Parks Conservation Association <a target="_blank" href="https://act.npca.org/page/79022/action/1" rel="noreferrer noopener">opposed</a> increased drilling and mining near national monuments like Bears Ears and Grand Staircase-Escalante.
"If we lose these places to oil and gas development, we forfeit a century-old legacy that we will not pass on to our grandchildren," the association warned last month.
Read Next:
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<li><a href="https://www.benzinga.com/25/03/44271394/goldman-sees-copper-imports-frontrunning-tariffs-as-fcx-positions-to-benefit" target="_blank" rel="noreferrer noopener">Goldman Sachs Sees Copper Imports Frontrunning Tariffs As FCX Positions To Benefit</a></li>
</ul>
Photo via Shutterstock

Interior Secretary Calls For 'Mine, Baby, Mine,' Promising Cost Savings From Deregulation

The latest round of tariffs on metal imports, announced by the Trump administration, is set to create significant investment opportunities in ETFs <a href="https://in.benzinga.com/25/02/43587918/donald-trumps-expected-tariffs-on-aluminum-steel-imports-may-impact-domestic-companies-heres-a-list-of-metal-etfs-that-could-be-affected">focused on U.S. steelmakers. </a>
With a 25% tariff now set to be imposed on all steel and aluminum imports, domestic steel producers are expected to gain market share and see rising profitability. A KeyBanc Capital Markets report shows how these tariffs could reshape the steel market, reducing finished steel imports by 14% year-over-year in 2025, primarily impacting sheet and plate steel. 
Analysts anticipate U.S. steel mills capturing market share previously held by foreign competitors, reinforcing the bullish outlook for U.S. steel companies-focused ETFs.
Three <a href="https://www.benzinga.com/etfs">standout ETFs</a> are VanEck Steel ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLX#NYSE">SLX</a>), SPDR S&amp;P Metals &amp; Mining ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XME#NYSE">XME</a>), and Global X U.S. Infrastructure Development ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/PAVE#BATS">PAVE</a>).
VanEck Steel ETF 
This is a direct play on the steel sector, offering concentrated exposure to leading steel manufacturers. With holdings in Nucor (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NUE#NYSE">NUE</a>), Cleveland-Cliffs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CLF#NYSE">CLF</a>), Steel Dynamics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STLD#NASDAQ">STLD</a>), and United States Steel Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/X#NYSE">X</a>), the fund is well-positioned to benefit from higher domestic steel prices.
The new tariffs are expected to curb foreign steel imports, which accounted for a substantial share of the U.S. market. This will increase demand for domestically produced steel, boosting revenue for companies within SLX&#8217;s portfolio.
As steel prices rise, profit margins for U.S. steel producers will expand, which might be a boost for stock valuations.
Also Read: <a href="https://in.benzinga.com/markets/equities/25/02/43613133/trumps-25-tarrifs-a-self-inflicted-wound-says-economist-amid-warnings-of-fewer-american-jobs-peter-schiff-says-youll-pay-more-for-cars-and-homes">Trump&#8217;s 25% Tarrifs A &#8216;Self-Inflicted Wound,&#8217; Says Economist Amid Warnings Of Fewer American Jobs — Peter Schiff Says You&#8217;ll Pay More For Cars And Homes</a>
SPDR S&amp;P Metals &amp; Mining ETF
XME provides broader exposure to the metals and mining sector but is still heavily weighted toward steel stocks like Steel Dynamics, Nucor and United States Steel Corp.
The tariff-induced price hikes on imported steel will force industries relying on metal, such as construction, automotive, and energy, to turn to U.S.-based suppliers. Steel Dynamics, Cleveland-Cliffs, and Nucor stand to gain from increased domestic sales, while higher scrap prices further support pricing power.
Global X U.S. Infrastructure Development ETF
PAVE is a more diversified play, offering exposure to the broader infrastructure sector, which is a major consumer of steel. Infrastructure companies like Trane Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TT#NYSE">TT</a>) and Eaton Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ETN#NYSE">ETN</a>) are part of the ETF&#8217;s portfolio.
With increased steel demand for construction projects and infrastructure spending, U.S. steel producers will see long-term growth.
Supply And Demand Shift
KeyBanc projects U.S. real carbon steel demand to grow by around 2% in 2025 (compared to a 1-2% decline in 2024), supported by rebounds in oil &amp; gas, industrial, and construction sectors. Moreover, Hot Rolled Coil (HRC) prices are expected to rise from $750 per ton to $810 per ton in 2025, buoyed by tariff-driven demand shifts and rising scrap prices.
KeyBanc analysts also upgraded Steel Dynamics to Overweight, citing improved operational efficiencies and pricing tailwinds.
The Trump administration's aggressive trade stance is designed to protect U.S. steelmakers from cheap foreign imports. KeyBanc said that analysts anticipate a boost in domestic steel production, with sector utilization rising to 78% in 2025.
Earnings Growth for Steel Stocks
Steel Dynamics: KeyBanc raised the estimated 2025 EBITDA to $2.57 billion from $2.13 billion, driven by higher utilization and rising steel prices.
Cleveland-Cliffs: The research firm raised EBITDA expectation to $1.034 billion amid improved demand for U.S.-made steel.
Nucor: Holding a Sector Weight rating, NUE's diversified steel operations make it a stable long-term play.
Parting Thoughts
The tariffs are set to create a favorable market for domestic steelmakers, and ETFs with significant exposure to U.S. steel stocks stand to gain. With KeyBanc's bullish outlook on steel demand and pricing, the ETFs discussed in this piece could see substantial upside in the months ahead.
Read Next:<a href="https://www.benzinga.com/news/global/25/02/43635740/eu-president-vows-firm-and-proportionate-countermeasures-after-trump-imposes-steel-aluminum-tariffs"> </a>
<ul>
<li><a href="https://www.benzinga.com/news/global/25/02/43635740/eu-president-vows-firm-and-proportionate-countermeasures-after-trump-imposes-steel-aluminum-tariffs">EU President Vows &#8216;Firm And Proportionate Countermeasures&#8217; After Trump Imposes Steel, Aluminum Tariffs</a></li>
</ul>
Photo: Vladimir Mulder/Shutterstock.com

PAVE

Trump's Metal Tariffs Set Stage For US Steel ETF Gains

President Donald Trump announced on Sunday that he will impose new 25% <a href="https://www.benzinga.com/markets/equities/25/02/43583123/trump-to-announce-25-steel-and-aluminum-tariffs-economist-warns-president-is-making-us-manufacturing-globally-uncompetitive">tariffs</a> on all steel and aluminum imports, adding to existing duties, in a further escalation of his trade policy. While this could impact domestic steel and aluminum companies, investors can consider the following list of exchange-traded funds (ETFs) to trade following the development.
What Happened: On his way to the NFL Super Bowl in New Orleans, Trump spoke to reporters on Air Force One, and said he would reveal the <a href="https://www.benzinga.com/markets/equities/25/02/43583123/trump-to-announce-25-steel-and-aluminum-tariffs-economist-warns-president-is-making-us-manufacturing-globally-uncompetitive">new tariffs</a> on Monday, followed by reciprocal tariffs on Tuesday or Wednesday, matching the rates imposed by other countries.
Tariffs impact domestic companies by influencing costs, competitiveness, and supply chains
According to a report by the First National Bank of Omaha and the think tank Council on Foreign Relations, the negative effects of tariffs include increased input costs, reduced competitiveness, disruption in supply chains, retaliation, diversion in investment, and reduced consumer spending. On the positive side, tariffs may temporarily protect domestic industries and generate government revenue.
Investors should look out for the following metal ETFs as Trump is likely to impose tariffs on imports.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Fund Name</td>
<td>AUM</td>
<td>Expense Ratio</td>
<td>Six Month Returns</td>
</tr>
<tr>
<td>VanEck Steel ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLX#NYSE">SLX</a>)</td>
<td>$75.23 million</td>
<td>0.56%</td>
<td>-4.88%</td>
</tr>
<tr>
<td>Invesco DB Base Metals Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DBB#NYSE">DBB</a>)</td>
<td>$112.4 million</td>
<td>0.79%</td>
<td>2.39%</td>
</tr>
<tr>
<td>iShares U.S. Basic Materials ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYM#NYSE">IYM</a>)</td>
<td>$534.51 million</td>
<td>0.39%</td>
<td>-0.68%</td>
</tr>
<tr>
<td>SPDR S&amp;P Metals and Mining ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XME#NYSE">XME</a>)</td>
<td>$1623.5 million</td>
<td>0.35%</td>
<td>5.00%</td>
</tr>
</tbody>
</table>
</figure>
Iron ore, a key ingredient in steelmaking, saw its prices rise 0.71% in Singapore around 3:43 p.m. local time, while aluminum futures on the Comex gained 0.49%.
See Also: <a href="https://www.benzinga.com/markets/equities/25/02/43583123/trump-to-announce-25-steel-and-aluminum-tariffs-economist-warns-president-is-making-us-manufacturing-globally-uncompetitive">Trump To Announce 25% Steel And Aluminum Tariffs — Economist Warns President Is &#8216;Making US Manufacturing Globally Uncompetitive&#8217;</a> 
Why It Matters: Although Trump initially paused tariffs on Canada and Mexico, he has renewed threats by specifically targeting metals in his media interactions on Sunday.
According to the American Iron and Steel Institute&#8217;s January <a href="https://www.steel.org/2025/02/aisi-releases-january-sima-imports-data-4/">data</a>, the U.S. gets most of its imported steel from Canada, Brazil, and Mexico, followed by South Korea and Vietnam. 
&#8220;Canadian steel and aluminum support key industries in the U.S., from defence, shipbuilding, and auto,&#8221; said the Canadian Minister of Innovation, Science and Industry, Francois-Philippe Champagne, in an X post.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Let's all be clear. Canadian steel and aluminum support key industries in the U.S. from defence, shipbuilding and auto. This is making North America more competitive and secure. We will continue to stand up for Canada, our workers, and our industries. <a href="https://t.co/NBFeU6Y8zN">pic.twitter.com/NBFeU6Y8zN</a>
&mdash; François-Philippe Champagne (FPC) &#x1f1e8;&#x1f1e6; (@FP_Champagne) <a href="https://twitter.com/FP_Champagne/status/1888754195727106310?ref_src=twsrc%5Etfw">February 10, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Citing the risks of these metal tariffs, Joseph Brusuelas, the principal and chief economist at RSM US said that other countries could follow to protect their economies, and a much larger trade war could ensue after these impositions by Trump.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">US-China Trade War: With Trump set to announce 25% tariffs on aluminum &amp; steel imports and the Chinese imposing $14 billion on trade taxes on U.S. good it is likely that a series of tit-for-tat retaliation has begun. A look at relative yield differentials between the US and… <a href="https://t.co/ACWRKgzlmg">pic.twitter.com/ACWRKgzlmg</a>
&mdash; Joseph Brusuelas (@joebrusuelas) <a href="https://twitter.com/joebrusuelas/status/1888728283392667924?ref_src=twsrc%5Etfw">February 9, 2025</a></blockquote>
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Read Next:
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<li><a href="https://www.benzinga.com/general/market-summary/25/02/43521806/deepseeks-hedge-fund-owner-had-multiple-top-projects-before-creating-the-firm-that-fueled-1-trillion-market-cap-erosion-of-ai-stocks">DeepSeek&#8217;s Hedge Fund Owner Had Multiple Top Projects Before Creating The Firm That Fueled $1 Trillion Market Cap Erosion Of AI Stocks</a></li>
</ul>
Photo courtesy: Shutterstock

Economics

Donald Trump's Expected Tariffs On Aluminum, Steel Imports May Impact Domestic Companies: Here's A List Of Metal ETFs That Could Be Affected

The energy transition is reshaping the global mining industry, with demand for critical minerals expected to surge over the coming decades. A shift toward renewable energy and electrification drives demand for commodities like copper, nickel, and <a target="_blank" href="https://www.benzinga.com/etfs/23/07/33233340/rare-earth-elements-explained" rel="noreferrer noopener">rare earth elements</a>.
According to BDO's Annual Mining Report, the demand for key energy transition minerals will <a target="_blank" href="https://www.bdo.co.uk/en-gb/insights/industries/natural-resources-and-energy/annual-mining-report" rel="noreferrer noopener">nearly triple by 2030</a> and quadruple by 2040.
Copper remains a cornerstone of the transition, as it is the only critical mineral vital for all clean energy technologies, such as solar, wind, electric vehicle (EV) manufacturing, and power grids.
While copper prices hit a record high in mid-2024, they later softened due to weak demand from China's property market. In 2025, forecasts suggest continued price constraints due to high inventories despite the long-term positive outlook.
Merger and acquisition activity has surged – with mining giant BHP <a target="_blank" href="https://www.benzinga.com/news/large-cap/24/05/39068033/time-runs-out-for-bhp-deal-49-billion-acquisition-of-anglo-american-proves-too-complex-to-solve" rel="noreferrer noopener">unsuccessfully bidding</a> for Anglo American and launching a <a target="_blank" href="https://www.benzinga.com/markets/equities/24/07/40031488/bhp-to-unlock-south-american-copper-riches-partners-with-lundin-for-filo-acquisition" rel="noreferrer noopener">joint venture</a> with Lundin. Meanwhile, sector leader Freeport-McMoRan is opting for <a target="_blank" href="https://www.benzinga.com/news/large-cap/24/09/41098074/freeport-mcmoran-sticks-with-organic-growth-takes-advantage-of-geodiversity" rel="noreferrer noopener">capex-driven internal expansion</a>.
Nickel, a metal essential for battery technologies, has faced a turbulent period. In 2024, an oversupply from Indonesia and China led to <a target="_blank" href="https://www.benzinga.com/news/large-cap/24/07/39749321/bhp-halts-nickel-mine-were-not-able-to-overcome-economic-challenges-driven-by-oversupply" rel="noreferrer noopener">mine closures</a>, including those operated by Glencore and BHP. However, a rebound is expected in 2025 as supply surpluses narrow and demand for EV batteries remains strong.
Despite the forecasted price stabilization, industry players remain cautious, with some automakers shifting towards alternative battery chemistries that reduce dependence on nickel.
Zinc, another key transition metal used in wind and solar infrastructure, experienced a sluggish first half of 2024 due to subdued industrial activity but rebounded later in the year thanks to Chinese stimulus measures.
In 2025, BDO expects the demand to strengthen as renewable energy projects ramp up. Still, supply constraints and logistical challenges may continue to drive price fluctuations.
The rare earth element market is also in focus as countries look to diversify their supply chains since the U.S., China, and Myanmar account for 92% of global production.
President Donald Trump's recent remark shows the importance of this group of metals, which is vital for producing magnets.
"We're looking to do a deal with Ukraine where they're going to secure what we're giving them with their rare earths and other things," he said,<a target="_blank" href="https://www.reuters.com/markets/commodities/trump-says-he-wants-ukraine-supply-us-with-rare-earths-2025-02-03/" rel="noreferrer noopener"> per</a> Reuters.
Looking forward, despite opportunities created by the energy transition, BDO notes a pressing demographic challenge.
Per McKinsey's <a target="_blank" href="https://www.mckinsey.com/industries/metals-and-mining/our-insights/has-mining-lost-its-luster-why-talent-is-moving-elsewhere-and-how-to-bring-them-back" rel="noreferrer noopener">survey</a> of Canadian mining companies, 70% of people between 15 and 30 years old would not consider working in mining. Meanwhile, between 2016 and 2022, the number of mining engineering graduates in the U.S. fell by 41%.
While the industry tries to reverse the trend by integrating advanced technologies and enhancing sustainability efforts to create a more attractive work environment – closing the skills gap remains a key. To drive the next phase of mining evolution, the future workforce will need expertise in automation, AI, and environmental management.
Read Next:&nbsp;
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/02/43432736/copper-stocks-on-shaky-ground-jpmorgan-analysts-say-tariffs-deepseek-cloud-outlook" target="_blank" rel="noreferrer noopener">Copper Stocks On Shaky Ground, JPMorgan Analysts Say: Tariffs, DeepSeek Cloud Outlook</a></li>
</ul>
Photo via Shutterstock

COPX

CPER

Critical Metal Demand To Triple By 2030, But Demographics Pose Risks

Cleveland-Cliffs Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CLF#NYSE">CLF</a>) shares are trading lower Monday after the<a target="_blank" href="https://www.benzinga.com/pressreleases/25/02/b43431003/cleveland-cliffs-provides-preliminary-fourth-quarter-and-full-year-2024-results" rel="noreferrer noopener"> company reported preliminary results</a>.
For the fourth quarter of 2024, Cleveland-Cliffs expects steel shipments of 3.8 million net tons, with revenues of around $4.30 billion <a href="https://www.benzinga.com/calendars/guidance" target="_blank" rel="noreferrer noopener">(vs. consensus of $4.49 billion)</a>.
Also, the company anticipates an adjusted EBITDA loss of about $85 million in the quarter.
For 2024, steel shipments are expected to reach 15.6 million net tons, with revenues around $19.2 billion (vs. street view of $19.37 billion) and adjusted EBITDA of around $775 million.
<a href="https://www.benzinga.com//node/41690362">Including Stelco</a>, the pro-forma adjusted EBITDA for 2024 is expected to be about $1.2 billion.
Cleveland-Cliffs attributed its weaker results, particularly in fourth-quarter, to subdued demand from the North American automotive sector.
Lourenco Goncalves, Cliffs&#8217; Chairman, President, and CEO, said, &#8221;So far into this new year, we have already seen improvements in our order book, both automotive and non-automotive, and are confident that the manufacturing-friendly items on President Trump&#8217;s agenda will have an outsized benefit on Cleveland-Cliffs.&#8221;
&#8221;This includes the recently announced tariffs on Mexico, Canada, and China and the expectation that there is more to come on steel specifically. Stelco has been a major contributor since day 1 and a substantial portion of our expected synergies are already in motion. Based on their experience in 2018, we expect Stelco will benefit from steel tariffs as well. We look forward to the success in 2025 that all of these developments will ultimately bring.&#8221;
&#8220;We applaud President Trump for taking decisive action on tariffs. Cleveland-Cliffs is a firm believer in the long-term positive impact that tariffs can play to make America a manufacturing superpower once again.&#8221;
Apart from this, Cleveland-Cliffs disclosed its intention to offer $750 million in Senior Guaranteed Notes due 2031, subject to market <a target="_blank" href="https://www.benzinga.com/pressreleases/25/02/b43431022/cleveland-cliffs-inc-announces-proposed-offering-of-750-million-of-senior-unsecured-guaranteed-not" rel="noreferrer noopener">conditions and other factors</a>.
The company plans to use the net proceeds for general corporate purposes, which includes the repayment of borrowings under its asset-based credit facility.
The company plans to release fourth-quarter and full-year 2024 earnings <a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">results on February 24, 2025</a>.
Investors can gain exposure to the stock via SPDR S&amp;P Metals &amp; Mining ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XME#NYSE">XME</a>) and VanEck Steel ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLX#NYSE">SLX</a>).
Price Action: CLF shares are down 2.64% at $9.97 at the last check Monday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/25/01/43230432/ancora-holdings-readies-proxy-fight-at-us-steel-amid-merger-chaos" target="_blank" rel="noreferrer noopener">Ancora Holdings Readies Proxy Fight At US Steel Amid Merger Chaos</a></li>
</ul>
Photo: Vladimir Mulder/Shutterstock.com.

Earnings

Mid Cap

Cleveland-Cliffs Predicts Q4 Revenue Miss & EBITDA Loss, CEO Applauds Trump's Tariffs For 2025 Boost

Hedge funds have always been closely watched for cues on investment opportunities. Although their strategies can be complex, understanding the trends they're bullish on can offer important insights for retail investors. 
Siddharth Singhai, CIO of value-based global hedge fund IronHold Capital, recently shared his perspective on sectors worth watching, and how <a href="https://www.benzinga.com/etfs">ETFs can help investors</a> capitalize on these themes. 
From automobiles and homebuilding to mining and AI, here are some ETFs based on his insights:
<h1 class="wp-block-heading">Automobile Industry On Third Gear</h1>
One area drawing attention is the U.S. auto industry. With protectionist policies likely to intensify under the Trump administration, automakers such as General Motors Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>), Ford Motor Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>), and Stellantis NV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STLA#NYSE">STLA</a>) stand to benefit significantly, according to Singhai. 
Possible tariffs on Chinese electric vehicles could set the playing field for these companies, making the U.S. auto sector one to keep a close eye on. 
&#8220;We do anticipate a clear protectionism policy in place for U.S. auto, specifically the big three: General Motors, Ford and Stellantis. Simply because if the tariffs were not put in place against Chinese EVs, U.S. automakers would be at about a 30% to 40% cost disadvantage, which would essentially mean the end of U.S. auto as we know it,&#8221; said Singhai.
However, as a word of caution, he said that one should be wary of auto companies that might face trouble in the face of EV revolution. 
&#8220;We believe U.S. autos and U.S. auto parts suppliers, who have been hit badly due to the excess inventories prevailing in the U.S. auto industry in general, could be a good hunting ground, potentially. Although investors should be focused on auto suppliers that are probably not going to get disrupted by the EV transition,&#8221; Singhai said.
For investors, ETFs like the First Trust S-Network Future Vehicles &amp; Tech (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CARZ#NASDAQ">CARZ</a>) offer exposure to the expected surge in domestic automotive manufacturing. The ETF has an expense ratio of 0.7% and among its holdings are Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), Ford, General Motors and Stellantis.
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/01/43236579/chinas-deepseek-ai-rattles-tech-stocks">China&#8217;s DeepSeek AI Rattles Tech Stocks, Analyst Ives Says Market Plunge &#8216;Golden Buying Opportunity&#8217;</a>
<h1 class="wp-block-heading">Home Building Industry In Focus</h1>
Homebuilders are another promising area, according to Singhai. Despite overvaluation concerns in the equity market, the housing sector continues to experience a significant supply-demand imbalance. Years of undersupply following the 2008 financial crisis created the opportunity for select homebuilding companies to thrive.
&#8220;U.S. market is extremely overvalued at the moment, and there are not that many sectors that could be happy hunting grounds for hedge funds or value investors like us. In general, homebuilders, some of them, seem to be still attractively positioned given the great imbalance between supply and demand, mainly because of years of undersupply post-Great Recession in 2008-&#8217;09. So we believe homebuilders, some of them, present very compelling opportunities,&#8221; Singhai noted.
Investors interested in this space might consider ETFs such as the iShares U.S. Home Construction ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ITB#BATS">ITB</a>), which focuses on leading players in the sector, such as Builders Firstsource, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLDR#NYSE">BLDR</a>) and Lowes Companies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LOW#NYSE">LOW</a>). The expense ratio that this ETF carries is 0.39%.
<h1 class="wp-block-heading">Mining — Hidden Gems To Look For</h1>
Mining is another area that stands out. Many companies in this space, especially low-cost producers, are undervalued and largely overlooked by the market. These firms could see strong performance with a rebound in global demand for raw materials.
&#8220;Mining companies also seem to be hit badly and ignored by investors. You could find some really good mining companies that are the lowest cost producers in their respective industries that could prove to be high performers over the next two to three years,&#8221; Singhai noted from his expertise.
ETFs such as the SPDR S&amp;P Metals and Mining ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XME#NYSE">XME</a>) invest in a range of mining companies and could be a good fit for investors looking to capture growth in this area. The ETF carries an expense ratio of 0.35% and holdings in Hecla Mining Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HL#NYSE">HL</a>) and Reliance Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RS#NYSE">RS</a>), among others.
<h1 class="wp-block-heading">AI Trends To Watch</h1>
Singhai also touched upon the continued interest in semiconductors and AI. While these industries are undeniably buzzing, he warns against impulsive investing. Many companies in this space are trading at lofty valuations that may not be sustainable. 
&#8220;I do foresee a lot of hedge funds diving right into semiconductors and AI stocks. I also believe more retail investors will seriously consider allocating capital to this particular sector moving forward as well. However, it is ripe with extreme bubble-like valuations. The marquee names in the AI industry are trading for as high as 20 to 50 times revenue, which to us seems excessive even given the promise of AI,&#8221; he said.
Singhai also added, &#8220;Not all AI companies can capture 50% of the market or even 30% of the market, and if they fail to do so, they cannot foreseeably justify their current valuations. This leads us to the ultimate conclusion that there will be a few big winners and many, many losers within the industry. As such, most AI companies do not deserve their expensive, hefty valuations.&#8221;
For those interested in exploring the AI-driven growth story, a diversified ETF like the VanEck Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMH#NASDAQ">SMH</a>) offers exposure to leading players like NVDIA Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and Broadcom Inc&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>) while mitigating the risks of betting on individual stocks. And the cost of investing in this ETF is also reasonable at 0.35%.
All that said, Singhai emphasized the route of ETFs should be seen as tools for diversification and steady returns — not as a shortcut to mimicking hedge fund performance. It will be wise for retail investors to focus on sectors with solid fundamentals rather than on speculative trends.
See Next: 
<ul>
<li><a href="https://www.benzinga.com/etfs/new-etfs/25/01/43198940/how-foliobeyonds-innovative-fixed-income-etf-can-provide-low-risk-income-generation-in-volatile-tim">How FolioBeyond&#8217;s Innovative Fixed Income ETF Can Provide Low-Risk Income Generation In Volatile Times</a></li>
</ul>
Photo: Shutterstock

Hedge Funds

AVGO

BLDR

CARZ

iShares Dow Jones US Homenstruction Index Fund

NVDA

STLA

TSLA

IronHold Capital CIO Reveals Trends Hedge Funds Track: 4 ETFs To Watch

Trump's first day in office brought a wave of executive orders targeting immigration, energy, social policies, and announcing the withdrawal from global agreements like the Paris Climate Accord and <a href="https://www.benzinga.com/topic/donald-trump">the World Health Organization. </a>
Trump also pledged to raise tariffs up to 25% on both Canada and Mexico starting Feb. 1, but fell short of announcing universal tariffs on all imports.
Following Monday&#8217;s market closure for Martin Luther King Jr. Day, investors began assessing how Trump's new policy measures could impact sectors across the board. 
Gold miners and defense stocks outperformed, while solar energy companies were among the hardest hit.
<h3 class="wp-block-heading">Wall Street&#8217;s Winners And Losers After Trump&#8217;s Day 1</h3>
Gold miners were among the standout performers, amid rising trade fears between the U.S. and Canada. 
The VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) climbed 2.6% by 1:30 p.m. ET Tuesday. Leading gains were Harmony Gold Mining Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HMY#NYSE">HMY</a>), up 4.3% and Endeavour Silver Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EXK#NYSE">EXK</a>), up 3.1%.
&#8220;While President Trump's Inauguration Day policy announcements on tariffs were more benign than expected, we continue to expect the White House to increase tariff rates on autos and imports from China, and we see other tariff proposals as a risk,&#8221; Goldman Sach&#8217;s analyst Elsie Peng wrote in a note Tuesday.
Defense stocks also surged as Trump's policies emphasized national security and border protection declaring a &#8220;national emergency&#8221; at the southern border with Mexico. The iShares U.S. Aerospace &amp; Defense ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ITA#NYSE">ITA</a>) rose 3.3%.
Other notable movers included the U.S. Global Jets ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JETS#NYSE">JETS</a>), up 2%, and the SPDR S&amp;P Metals &amp; Mining ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XME#NYSE">XME</a>), which rose 1.6% as investors bet on increased demand for industrial materials.
Oil and gas exploration companies saw declines despite <a href="https://www.benzinga.com/government/regulations/25/01/43097430/trumps-drill-baby-drill-era-begins-oil-prices-tumble-us-energy-stocks-edge-up">Trump's "Drill, Baby, Drill"</a> push to unleash U.S. energy resources. The SPDR S&amp;P Oil &amp; Gas Exploration &amp; Production ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOP#NYSE">XOP</a>) dropped 1.1%, signaling concerns about potential oversupply.
Clean energy and solar stocks, however, suffered from Trump's decision to halt offshore wind leasing and withdraw the U.S. from the Paris Climate Accord. 
The Invesco Solar ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAN#NYSE">TAN</a>) fell 3.1%, with losses from Daqo New Energy Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DQ#NYSE">DQ</a>), down 6.7%, and First Solar Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FSLR#NASDAQ">FSLR</a>), which dropped 5.4%. The Invesco WilderHill Clean Energy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PBW#NYSE">PBW</a>) slipped 1%.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/25/01/43103527/mexican-peso-canadian-dollar-slide-as-trump-threatens-25-tariffs-expert-eyes-price-hikes-on-typical-us-breakfast">Mexican Peso, Canadian Dollar Slide As Trump Threatens 25% Tariffs, Economist Eyes Price Hikes On &#8216;Typical US Breakfast&#8217;</a></li>
</ul>
Photo: Shutterstock

Econ #s

FSLR

iShares Dow Jones US Aerospace & Defense Index Fund

JETS

PowerShares Exchange Traded Fund Trust WilderHill Clean Energy Portfolio

Trump's First Day Sends Gold Miners, Defense Stocks Soaring, Solar Sliding

As metals markets weather volatility, optimism for a &#8220;V-shaped recovery&#8221; is gaining traction. JPMorgan analysts Dominic O&#8217;Kane and Patrick Jones suggest <a href="https://www.benzinga.com/markets/asia/24/12/42692036/billionaire-investors-michael-burry-david-tepper-could-benefit-from-chinas-stimulus-measures">China's expected fiscal stimulus</a> could be the turning point for the sector. 
With metal prices poised for a rebound, they urge investors to &#8220;accumulate positions in oversold miners&#8221; like Anglo American PLC (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/NGLOY#OTCQX">NGLOY</a>) (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/AAUKF#OTCQX">AAUKF</a>), First Quantum Minerals Ltd (OTCPK:FQVLF) and Lundin Mining Corp (OTCPK:LUNMF).
Exchange-traded funds like the SPDR S&amp;P Metals &amp; Mining ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XME#NYSE">XME</a>), the iShares MSCI Global Metals &amp; Mining Producers ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PICK#NYSE">PICK</a>) provide diversified exposure to the metals and mining sector.
<h2 class="wp-block-heading">Mining Stocks Set For Revival?</h2>
The 17% decline in European metals &amp; mining stocks since late September 2024 reflects market caution amid tariff risks and US$/CNY devaluation. However, analysts see this downturn as an opportunity for strategic investment. Anglo American faces near-term challenges, including $2 billion in impairments and delays in its diamond divestment strategy. Despite this, the company may emerge as an M&amp;A target post the Anglo Platinum de-merger.
Lundin Mining and Norsk Hydro ASA (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/NHYDY#OTCQX">NHYDY</a>) stand out as resilient picks, with strong fundamentals that may help them weather tariff-related uncertainties. 
Analysts maintain a positive outlook on these names, expecting them to benefit from the broader market recovery.
Read Also: <a href="https://www.benzinga.com/markets/commodities/24/12/42455382/gold-to-shine-bright-in-2025-as-top-investment-bank-predicts-bullish-outlook-amid-trade-tensions">Gold To Shine Bright In 2025 As Top Investment Bank Predicts Bullish Outlook Amid Trade Tensions</a>
<h2 class="wp-block-heading">Gold Stocks Shine Amid Market Turbulence</h2>
Gold continues to prove its mettle as a safe-haven asset, with prices projected to rise to $2,100 per ounce. 
Stocks like AngloGold Ashanti PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AU#NYSE">AU</a>), Hochschild Mining PLC (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/HCHDF#OTCQX">HCHDF</a>), and Fresnillo PLC (OTCPK:FNLPF) remain key picks by the analysts, supported by strong silver production forecasts and rising demand for precious metals.
The VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) and the VanEck Junior Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDXJ#NYSE">GDXJ</a>) are popular ways to get exposure to gold miners&#8217; stocks.
The analysts highlight Fresnillo's silver production strength, placing it on a Positive Catalyst Watch.
<h2 class="wp-block-heading">China's Stimulus: The Tipping Point?</h2>
All eyes are on the March 5 National People&#8217;s Congress, where China is expected to announce fiscal measures that could fuel a surge in metal prices. 
The analysts believe these moves could trigger a sharp market recovery, solidifying the case for accumulating positions in mining stocks before a potential uptrend.
<h2 class="wp-block-heading">The Takeaway</h2>
As metals markets teeter on the edge of revival, accumulating oversold miners may offer strategic value ahead of a &#8220;V-shaped recovery.&#8221; 
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/etfs/sector-etfs/25/01/42986605/exclusive-energy-semiconductors-could-dominate-portfolios-in-2025-says-direxion-ceo" target="_blank" rel="noreferrer noopener">EXCLUSIVE: Energy, Semiconductors Could Dominate Portfolios In 2025, Says Direxion CEO</a></li>
</ul>
Image created using photos from Shutterstock.

Asia

Specialty ETFs

AAUKF

FNLPF

FQVLF

GDXJ

HCHDF

LUNMF

NGLOY

NHYDY

Will Gold, Mining Stocks Ride A 'V-Shaped Recovery'? Analysts Say Accumulate 'Oversold Miners'

Donald Trump's economic planning is often referred to as "Maganomics," a phrase based on his campaign slogan, "Make <a href="https://www.benzinga.com/topic/donald-trump">America Great Again.&#8221; </a> Trump&#8217;s policy ideas have led to divided opinions between economists and investors, according to a <a href="https://www.ft.com/content/cbdcf6f1-16d5-4ce9-aa94-5d3098cc19b8">report </a>by the Financial Times. The former worry about the potential shortcomings of protectionist policies such as tariffs and immigration curbs, while investors are focusing on the brighter side, especially for U.S. manufacturing. And here's where things get interesting— certain ETFs might gain from these dynamics.
See Also: <a href="https://www.benzinga.com/25/01/42948649/goldman-sachs-warns-of-90-oil-risk-trump-may-not-ease-sanctions-once-he-takes-office">Oil Could Hit $90, Goldman Sachs Says: &#8216;Trump May Not Ease Sanctions&#8217; On Russia</a>
Trump's targeted tariffs and pro-business standpoint is designed to increase domestic manufacturing and attract investment into sectors like industrials and materials. The idea is simple: by imposing tariffs on imports, U.S.-made goods become more competitive and encourage domestic manufacturers to up their production. For investors, this shift can push economic growth, despite warnings from experts.
This optimism among investors makes ETFs heavy on manufacturing and industrial growth particularly appealing. Funds like the iShares U.S. Industrials ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/IYJ#BATS">IYJ</a>) or the SPDR S&amp;P Metals and Mining ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XME#NYSE">XME</a>) could gain directly from increased investment in American factories and infrastructure. These ETFs provide exposure to companies that are likely to thrive under policies encouraging domestic production.
The iShares U.S. Industrials ETF has an expense ratio of 0.39% and includes some big names in the industrials sector, like GE Aerospace (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GE#NYSE">GE</a>), Honeywell International (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HON#NYSE">HON</a>) and Lockheed Martin (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LMT#NYSE">LMT</a>) in its holdings.
Meanwhile, the SPDR S&amp;P Metals and Mining ETF, with an even lower expense ratio of 0.35%, is exposed to the steel industry by 51.04%, coal and consumable fuels by 13.31%, aluminum by 7.18% and diversified metal and mining by 5.58%, among others.
An analyst at T. Rowe Price, cited by the Financial Times, suggests that Trump&#8217;s pro-business policies could encourage companies previously hesitant under past administrations to boost their spending.
This could also help funds like the Vanguard Industrials ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VIS#NYSE">VIS</a>), which invests in a broader range of industrial sectors.
Ultimately, the appeal of "Maganomics" for investors lies in how likely it is to create short-term winners, especially in manufacturing and industrials. ETFs that play with these themes could allow investors to ride the wave of optimism while diversifying risk.
See Next: 
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/01/42925809/semiconductor-etf-faces-key-resistance-in-ai-driven-surge-analyst">Semiconductor ETF Faces Key Resistance In AI-Driven Surge: Analyst</a></li>
</ul>
Image created using photos from Shutterstock.

iShares Trust Dow Jones US Industrial Sector Index Fund

How Trump's 'Maganomics' Could Power Industrials-Focused ETFs

GLJ Research analyst Gordon L. Johnson II upgraded Cleveland-Cliffs Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CLF#NYSE">CLF</a>) to Buy from Sell rating with <a href="https://www.benzinga.com/quote/clf/analyst-ratings" target="_blank" rel="noreferrer noopener">a price forecast of $14.27</a>.
The analyst notes the U.S. economy is in worse shape than many acknowledge. With Donald Trump set to take office on January 20, 2025, and his pro-tariff policies likely impacting sectors like steel, the analyst foresee a potential rise in U.S. HRC prices in the near term.
In particular, the analyst says that following Trump&#8217;s win (November 2016), and Joe Biden&#8217;s win (November 2020), U.S. HRC spot prices rose by +25.5% and +65.9%, respectively, three months out. However, since Trump&#8217;s win on November 5, 2024, U.S. HRC spot prices have declined by 6.9%.
Also, the positive seasonality typically seen in the U.S. steel sector from January to April, and CLF&#8217;s stock performance in particular, raises the question: &#8220;Is now an opportune time to dip one&#8217;s feet back into the &#8216;long-U.S.-
steel-stocks pool&#8217;?&#8221; adds the analyst.
Notably, Johnson II states that from the month Trump was first elected to the month he lost to Biden, U.S. steel imports fell by a significant -51.1%, from 2.5 million tons to 1.2 million tons. This decline is often attributed to Trump&#8217;s pro-U.S. steel policies.
Incorporating Stelco&#8217;s additional tons into CLF&#8217;s 2025 estimated output, and assuming U.S. HRC prices rise to $900/ton in May 2025 before falling to $705/ton by July, the analyst estimate CLF&#8217;s 2025 aggregated steel price to be $1,055/ton, slightly higher than the consensus estimate of $1,050.22/ton.
For 2026, Johnson II forecast an average price of $1,068/ton, reflecting a +1.2% year-over-year increase, vs. the consensus estimate of $1,084.42/ton.
Consequently, the analyst project 2025 adjusted EBITDA and adjusted EPS of $945 million and -$0.56, respectively, vs. consensus estimates of $1.32 billion and -$0.09.
In 2026, the analyst expects adjusted EBITDA and adjusted EPS of $1.804 billion and $1.06, respectively, while the consensus estimates are $1.884 million and $0.69.
Investors can gain exposure to the stock via VanEck Steel ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLX#NYSE">SLX</a>) and SPDR S&amp;P Metals &amp; Mining ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XME#NYSE">XME</a>).
Price Action: CLF shares are up 1.26% at $10.03 at the last check Tuesday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/global/25/01/42825094/us-steel-nippon-steel-sue-biden-administration-cleveland-cliffs-union-in-response-to-blocked-merger" target="_blank" rel="noreferrer noopener">US Steel, Nippon Steel Sue Biden Administration, Cleveland-Cliffs, Union In Response To Blocked Merger</a></li>
</ul>
Photo by QinJin on Shutterstock.

Upgrades

Analyst Sees US Steel Price Rebound Under Trump's Pro-Tariff Stance, Upgrades Cleveland-Cliffs Stock

SDRL

Elliott Investment Management 13F Shows Decreased Put Position In Vaneck Oil Services ETF From 1,450,000 To 1,260,000 Shares; Decreased Stake In NRG Energy By 7% From 10,359,000 To 9,668,000 Shares; Decreased Stake In Seadrill Ltd By 9% From 4,050,984 To 3,703,746 Shares; Decreased Stake In XME Put Position By 18% From 5,000,000 To 4,100,000 Shares; Decreased Stake In Ishares QQQ Trust Put Position By 92% From 5,910,000 Shares To 450,000 Shares

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