Dan Luttner

“But that's not the interesting question. The interesting question is who controls their feedstock inside the wall versus who's still exposed to it?”

Dan Luttner · said date not stated · reported 2026-08-30

Dan Luttner emphasized the importance of feedstock control in evaluating companies affected by tariffs.

“Canadian primary aluminum into U.S. extruders, U.S.-melted steel going north for finishing, coming back south inside finished autos and appliances. A tariff doesn't tax that shipment once. It compounds every time the metal re-crosses,”

Dan Luttner · said date not stated · reported 2026-08-30

Dan Luttner explained how multi-crossing supply chains compound tariff costs across the border.

“It's a slow-motion reallocation. So the real story isn't which stock popped, it's which manufacturers had already de-risked their supply chain before this week, and which ones are only now finding out how many times their product crosses that border,”

Dan Luttner · said date not stated · reported 2026-08-30

Dan Luttner described how supply chain de-risking differentiates manufacturers facing new border tariffs.

“So the upside is real, but it's not immune to the same friction it's supposed to be protected from,”

Dan Luttner · said date not stated · reported 2026-08-30

Dan Luttner commented on Century Aluminum's continued exposure to cross-border input friction.

“That's where this actually bites,”

Dan Luttner · said date not stated · reported 2026-08-30

Dan Luttner pointed to the challenge corporate planning teams face in tracking cross-border components.

“Hormuz is geography, the oil has nowhere else to go. This is policy — the volume can reroute, reshore, or get absorbed into price, it just takes 12 to 24 months of capital and requalification to do it,”

Dan Luttner · said date not stated · reported 2026-08-30

Dan Luttner contrasted policy-driven trade disputes with physical geographic chokepoints like the Strait of Hormuz.

“The stock pop is a headline reflex, honestly — mills reprice to replacement cost the second a 50% wall goes up, so of course Nucor and Cleveland-Cliffs jumped,”

Dan Luttner · said date not stated · reported 2026-08-30

Dan Luttner explained why steel stocks rallied immediately following the tariff announcement.