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.

"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.

The European Commission is investigating whether to tighten its current system of quotas on steel imports to protect EU producers from new tariffs U.S. President Donald Trump plans to impose on incoming steel and aluminium on March 12.