Iron & Steel Mills NAICS 331110

May 23, 2026 - US Steel to Restart Tin Mill

• US Steel has announced it will restart its Gary Tin Mill in Indiana early next year after investing up to $20 million in the facility. The reopening of the mill, which was idled in 2022 amid rising imports and declining demand, will create about 225 jobs, according to the company. The restart is intended to increase domestic tin mill production and strengthen US manufacturing supply chains amid concerns over imported steel and trade competition. Company executives said demand for reliable American-made steel products is rising, especially for food packaging, industrial goods, and agricultural supply chains. The restart reflects broader efforts by US manufacturers to reduce dependence on foreign steel sources and expand domestic production capacity. Industry observers said the move could improve supply stability for machinery, equipment, and packaging manufacturers while supporting regional manufacturing employment and investment.
• The surge in energy prices due to the conflict in the Middle East has raised the fundamental cost structure for iron ore producers, according to an analysis by UBS, IndexBox reports. Rising energy costs are reshaping iron ore markets, with direct implications for both iron and steel mills. Higher oil prices are increasing shipping and production costs for iron ore, which raises the overall cost of raw materials used by steel producers. As a result, iron ore prices are stabilizing at higher levels, even amid weaker demand and elevated inventories. For steel mills, this means persistent input cost pressure, as elevated energy expenses push up the cost of iron ore supply globally. The steepening of the industry cost curve also limits low-cost supply, reducing price volatility but keeping prices supported. Additionally, supply constraints among higher-cost or distant producers may tighten availability, potentially affecting sourcing strategies for mills.

• US steel manufacturer Cleveland-Cliffs posted higher third-quarter revenue and said demand for steel produced in the US was rising due to the Trump administration’s tariffs, The Wall Street Journal reports. The Cleveland-based steelmaker posted sales of $4.73 billion in its latest quarter, up from $4.57 billion the year before, a 4.1% increase. The company credited the 50% tariff on imported steel for helping it sign new supply deals with all major US automotive original equipment manufacturers, according to WSJ. In response to the Trump administration’s moves to boost domestic production of rare earth metals, Cleveland-Cliffs CEO told WSJ that the company is looking to expand its presence in domestic rare-earth metal production and is examining mining sites in Michigan and Minnesota that show key indicators of rare-earth minerals.
• Producer prices for iron and steel mills jumped 14.6% in April compared to a year ago, after rising 1.4% in the previous April-versus-April annual comparison, according to the latest US Bureau of Labor Statistics data. Industry producer prices have risen steeply since late 2025 due to rising input costs, including, most recently, surging energy and fuel prices. Employment by the industry was flat year over year in March, while the average wage at primary metals manufacturers rose 3.5% YoY in April to a new high of $30.76 per hour, BLS data show.