U.S. President Donald Trump’s latest proclamation, signed on Nov. 21, 2025, grants coke oven facilities a two-year reprieve from stringent Biden-era EPA rules, allowing them to operate under earlier, less costly standards. These facilities produce metallurgical coke, an indispensable input that powers approximately 70% of all steel production via blast furnaces. 

By easing near-term compliance pressure on metallurgical coke producers and related taconite iron ore assets, this proclamation should play the role of a major growth catalyst for the entire U.S. steel supply chain and, by extension, the earnings outlook for publicly owned steel producers and coke-exposed miners. 

For exchange-traded fund (ETF) investors, this creates a clearer runway for funds holding U.S. integrated steelmakers, metallurgical coke producers, and upstream iron ore processors, as regulatory-driven shutdown risk recedes amid persistent headwinds like trade frictions and supply concerns.

America’s Steel Dependence & Tariff Impact

Despite having a sizable domestic industry, the United States has remained dependent on other nations for a steady steel supply and has been the world’s largest importer of the metal. Nearly a quarter of all steel used in the United States is imported, the bulk of it coming from  Mexico and Canada or close allies in Asia and Europe, such as Japan, South Korea, and Germany (as per a press release by Reuters published in February 2025).

To reduce this dependence on imports and strengthen the domestic industry, the U.S. government previously imposed a 25% tariff on steel imports under Section 232. But this protectionist measure has been a double-edged sword.

First of all, these tariffs caused trade conflicts with other nations like China. Consequently, despite being the world's largest steel producer and exporter, China’s export volume to the United States substantially reduced after America imposed a 25% tariff in 2018. 

Meanwhile, as per the American Iron and Steel Institute’s (AISI) report, published in September 2025, the U.S. import of steel (in August 2025) and finished steel went down 16.8% each from the prior-month level. Total and finished steel imports were also down 7% and 10.6%, respectively, year to date compared with the corresponding 2024 figures. This dramatic fall in imports was due to the government’s aggressive trade policy measures taken in June 2025, when the section 232 tariff was doubled from 25% to 50%. 

On the other hand, trade tensions and tariffs have driven up input costs for U.S. manufacturers. Domestic steel prices have hovered at nearly double the global benchmark, significantly pressuring downstream margins.

How Can the Recent Proclamation Help?

As one can assert from the aforementioned discussion that the tariffs alone could not guarantee a stable supply of steel for America if domestic production faltered. While carbon emissions from coke ovens, copper smelters, and taconite processors remain a climate concern, the latest proclamation indicates that the current U.S. administration is effectively treating these assets as national security infrastructure and prioritizing industrial output stability for now.

This should help keep marginal U.S. blast furnace and upstream facilities running, support utilization rates, and reduce the risk of tariffs and trade conflicts leaving American industry short of critical metals.

ETFs to Gain

Against the current backdrop, listed companies across steel, metallurgical coal, and key processing steps related industries can be expected to see firmer pricing power and more predictable volumes—tailwinds that flow directly into the ETFs mentioned below, which hold U.S. steel producers and coke-linked mining companies. You may keep these ETFs on your watchlist and invest if you see fit.

State Street SPDR S&P Metals & Mining ETF (XME Quick QuoteXME - Free Report)

This fund, with assets under management (AUM) worth $2.56 billion, offers exposure to 32 companies from the Aluminum, Coal & Consumable Fuels, Copper, Diversified Metals & Mining, Gold, Precious Metals & Minerals, Silver, and Steel industries. Its top 10 holdings include Warrier Met Coal (5.69%), a supplier of metallurgical coal; Steel Dynamics Inc (5.34%), a renowned steel producer; Nucor Corp (4.75%), America’s largest steel manufacturer; and Cleveland Cliffs (4.69%), North America's largest flat-rolled steel producer and supplier of iron ore pellets. 

XME has surged 38.6% year to date. The fund charges 35 basis points (bps) as fees. 

VanEck Steel ETF (SLX Quick QuoteSLX - Free Report)

This fund, with net assets worth $125.6 million, offers exposure to 24 companies involved in the steel industry. Its top five holdings include Rio Tinto (10.78%), a major supplier of iron ore; Vale S.A. (8.80%), another major supplier of iron ore; ArcelorMittal (5.73%), a manufacturer of a wide range of steel products; Nucor (5.71%) and Steel Dynamics (5.46%). 

SLX has soared 38.4% year to date. The fund charges 56 bps as fees. 

iShares U.S. Basic Materials ETF (IYM Quick QuoteIYM - Free Report)

This fund, with net assets worth $125.6 million, offers exposure to 38 U.S. companies involved in the production of raw materials, including metals, chemicals and forestry products. Its top 10 holdings include Nucor (3.64%) and Steel Dynamics (3.44%).  

IYM has gained 15.8% year to date. The fund charges 38 bps as fees.