Steel Tariffs Will Drive M&A in US Industry, Wells Fargo Says

President Donald Trump’s tariffs on foreign imports of steel will fuel mergers and acquisitions in the US metals industry this year, according to a Wells Fargo & Co. analyst.

The tariffs have been a boon for domestic steelmakers who are enjoying reduced competition from cheaper imports, drawing new buyers for material produced in the US.

“Just because of all these massive tariffs, that means a lot of cash flow to these companies and they have to decide what to do with it,” analyst Timna Tanners said at the CRU Tampa Steel Conference in Florida. “There’s going to be more ...