Steel company stocks rallied this week on the belief that a second Trump presidency will be better for the group than the outgoing Biden administration. It is not yet clear what actions Trump may take on steel imports,

A surge in American steel stocks just hours after former President Donald Trump secured a second term signals investors are betting his victory is bullish for the industry.Most Read from BloombergParis Restricts Through Traffic in City CenterKey Ballot Initiatives and Local Races Highlight Views on Abortion,

Following the announcement by Nippon Steel to acquire US Steel last year, the latter’s stock shot up to over $50 but has been on a downward trajectory ever since. Earlier this year in September the stock collapsed to below $27 but has recovered since then.

Cleveland-Cliffs was the biggest gainer of the group, rising more than 20% for the day in New York. Nucor surged 17%, while Steel Dynamics and U.S. Steel rose 15% and 11%, respectively.

Former President Donald Trump’s projected return to the White House is making many shareholders of publicly traded companies richer by the second.