President Trump’s 25% tariff on imported steel has drawn investor interest in domestic steel producers, with the two largest being Nucor NUE and United States Steel X. Seeing as steel production is likely to increase in the U.

U.S. tariffs could cause the prices of steel and aluminum cans to rise, an increase that may ultimately be passed on to consumers.

"The change in the current trade scheme for aluminium and steel would be detrimental to the productive fabric in aggregate terms," the lobby said in its note, adding that Spain's total cast iron and steel exports to the U.S. reached 944 million euros ($977 million) in 2023.