The mechanism: Since 2025's Proclamation 10947 doubled Section 232 steel duties to 50%, reinforced by 2026's Proclamation 10984 extending the regime to more derivative products, imported steel entering the U.S. carries a tariff that domestic mills don't. That's a direct subsidy on domestic steel pricing power — every automaker, appliance maker, and construction firm buying steel in the U.S. now pays a mill-favorable price, whether they wanted the policy or not. For an industry like autos, where steel can run 900-1,000+ pounds per vehicle in body structure alone, that's real money moving from OEM margins to steel-company income statements. Except for one automaker whose body-in-white barely uses the stuff.