Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Stay on top of the latest market trends
Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.
Sports news worthy of your time
Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.
Tech news worthy of your time
Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.
Get the inside stories
Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Want a daily digest of the top Denver news?
Get a daily digest of the most important stories affecting your hometown with Axios Denver
Want a daily digest of the top Des Moines news?
Get a daily digest of the most important stories affecting your hometown with Axios Des Moines
Want a daily digest of the top Twin Cities news?
Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities
Want a daily digest of the top Tampa Bay news?
Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay
Want a daily digest of the top Charlotte news?
Get a daily digest of the most important stories affecting your hometown with Axios Charlotte
Photo: David Butow/Corbis via Getty Images
President Trump's decision to slap tariffs on steel and aluminum imports had an immediate effect on the stock market yesterday, driving the Dow 420 points lower and boosting U.S. steelmaker stocks. But several sectors that rely on steel and aluminum for raw materials are already feeling the heat from the tariffs, which go into effect March 5.
Construction
Accounting for 40% of steel demand, the U.S. construction industry is one of the world's largest, with "new construction" valued at around $1.16 trillion in 2016, per Statista. As the country's aging infrastructure begins to crumble, the sector is projected to grow to $1.42 trillion by 2021. These are the five largest American construction companies, per Engineering News-Record:
- Bechtel — $32.9 billion (2016)
- Fluor Corp. — $19.5 billion (2017)
- Aecom — $18.2 billion (2017)
- Turner Corp — $10.8 billion (2014)
- CB&I — $10.7 billion (2016)
Automakers
Domestic automaker stocks dropped about 3% Wednesday following Trump's announcement. The industry accounts for 26% of U.S. steel demand, and even foreign carmakers with major manufacturing plants in America, like Toyota, are warning of "substantially' higher prices, per Axios' Dan Primack. These are the four biggest American automakers by revenue.
- Ford — $156.8 billion
- General Motors — $145.6 billion
- Fiat Chrysler — $136.7 billion
- Tesla — $11.8 billion
Energy
As Axios' Ben Geman reported, trade tensions between Trump and the oil-and-gas industries — which accounted for 10% of steel demand in 2017 — are boiling over in the aftermath of the tariff announcement. Pipeline companies specifically may be forced to cancel projects, since trade restrictions on steel would increase pipe costs 25%. Here are the five largest oil and gas companies in the U.S, according to 2017 revenues:
- ExxonMobil — $186.3 billion
- Chevron — $134.7 billion
- Valero — $67.6 billion
- Marathon Petroleum — $53.7 billion
- Enterprise Products — $29.2 billion