U.S. Steel Prices Near $1,400 a Ton Squeeze Iowa Manufacturers as Tariffs and Tight Supply Push Costs Up
Peter Orazem, interim chair of economics at Iowa State University in Ames, Story County, Iowa, told media on November 3 that U.S. hot-rolled coil prices have approached $1,400 a ton, a four-year high, as higher tariffs and tight domestic supply push up costs for Iowa manufacturers. Orazem noted that U.S. steel prices are roughly three times those of comparable Chinese products and about two-thirds higher than European prices, and have risen about 34% since February 2025, while Canada's rose only about 1% over the same period.
National security tariffs under Section 232 remain in place on imported steel, at rates of up to 50%, with exact rates and exemptions varying by product category and country of origin. Deere & Company, a major Iowa manufacturing employer, previously estimated net tariff costs of about $900 million for its fiscal 2026, which ended on November 1. Industry voices say steel-intensive companies face pressure on both raw material and finished product pricing, and that cost changes could pass through to farm machinery and parts supply chains. Iowa's farm equipment and metal processing firms are pillars of local employment, and the industry is calling for stable tariff and supply policy so companies can plan purchasing and production more accurately.
(Source: Iowa State University)
Source: Iowa State University
Published by GSM · USA (original Chinese edition)
Photo: 图：钢厂生产车间。（照片：Govindaraj Mahalakshmi，CC BY-SA 4.0，经 Wikimedia Commons） / Photo: Inside a steel plant. (Photo: Govindaraj Mahalakshmi, CC BY-SA 4.0, via Wikimedia Commons)
