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With the U.S. trade agenda back in the spotlight, proposed new tariffs of 10% to 37.5% on imports from dozens of key partners are putting fresh attention on companies that actually make things inside the country. For investors, this kind of policy shift can reshape cost structures, supply chains and pricing power, creating potential winners and laggards. This article looks at 3 U.S. domestic manufacturing stocks that are exposed to these tariff headlines and that may be affected if production tilts further toward local factories. Keep reading to see which 3 stocks make the list and why they matter now.
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Overview: Packaging Corporation of America manufactures containerboard, corrugated boxes and displays used to ship and merchandise consumer and industrial goods, and also produces office, printing and specialty papers across North America.
Operations: The company generates the bulk of its US$9.2b revenue from Packaging at about US$8.5b, with a smaller Paper segment at about US$621m and other corporate items offset by intersegment eliminations.
Market Cap: US$19.9b
Investors looking at U.S. focused manufacturing stocks may want to pay attention to Packaging Corporation of America, which sits at the intersection of strong pricing power in everyday packaging, a recent 20% dividend hike and a business model that leans on largely domestic mills and box plants, potentially limiting tariff exposure as trade costs rise. At the same time, the company is managing high debt levels, a P/E that is above sector averages and earnings that recently declined, all while demand and input costs stay in focus. The key consideration is whether current pricing, cash flow potential and tariff insulation are enough to outweigh those risks and justify a closer look at the company.
Pricing power, a 20% dividend hike and mostly domestic operations make Packaging Corporation of America look more resilient than it first appears, but the full story sits in the 3 key rewards and 2 important warning signs
Overview: Steel Dynamics is a U.S. based steel producer and metal recycler that makes flat rolled and long steel products, building components and recycled aluminum, serving construction, automotive, manufacturing, transportation, energy and industrial customers.
Operations: Steel Dynamics generates most of its US$19.0b in revenue from Steel Operations at about US$13.9b, alongside Metals Recycling at about US$4.4b, Steel Fabrication at about US$1.4b and Aluminum at about US$0.6b, with smaller other items and eliminations.
Market Cap: US$39.7b
Steel Dynamics sits at the center of several themes for domestic manufacturing investors, combining a largely U.S. production footprint with exposure to tariffs that can make imported steel less competitive and support pricing for local mills. The company pairs steel and aluminum production with integrated recycling, which can help manage raw material costs and appeal to customers focused on lower carbon materials. Recent results show earnings per share and higher shipments. At the same time, the stock trades on a relatively rich P/E, relies on external borrowing and faces cyclicality in construction and manufacturing demand, as well as policy risk if tariff regimes change. The focus for investors is how these positive and negative factors may affect future earnings power and valuation.
Steel Dynamics’ earnings and shipments are moving, but the real story sits in how investors are pricing that relatively rich P/E against future tariff and demand swings that could reshape its analysis report for Steel Dynamics
Overview: Deere & Company manufactures and finances agricultural, construction and forestry equipment worldwide, supplying everything from row crop tractors and harvesters to lawn care, roadbuilding machinery and related parts and services.
Operations: Deere generates most of its revenue from equipment, with about US$17.1b from Production & Precision Agriculture, US$13.2b from Construction & Forestry, US$11.4b from Small Ag & Turf and US$6.2b from Financial Services, offset by smaller intersegment and other items.
Market Cap: US$158.8b
Deere is drawing attention because it ties together high tech precision agriculture, a growing construction and forestry arm and a financing unit that keeps equipment sales moving. At the same time, tariffs and “buy American” policies put extra focus on companies that build a lot inside the U.S. More than 75% of its domestic sales are assembled locally, tariff refunds are helping offset higher import costs, and demand for construction and roadbuilding equipment linked to data centers and infrastructure is helping to counter a softer large farm cycle. At the same time, debt funded Financial Services, tariff uncertainty and weaker North American ag demand keep risk firmly on the table, which makes Deere a stock where the details really matter.
Deere’s mix of precision ag, construction gear and financing looks like a growth engine hiding in plain sight. The real twist shows up in the analyst forecasts for Deere investors keep overlooking
The 3 stocks in this list are a starting point, but the full U.S. Domestic Manufacturing Stocks screener surfaces 44 more U.S. focused manufacturers with equally compelling stories around tariffs, reshoring and domestic production. Use Simply Wall St to analyze, filter and identify the specific catalysts and narratives that match your highest conviction ideas so you can focus on the opportunities that fit your own approach.
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Written by Eric Funderburk for IIR News Intelligence (Sugar Land, Texas)
Fuel cells, powered by either hydrogen or natural gas, are being increasingly deployed for power generation throughout the U.S., and fuel-cell manufacturers are underway with projects to help meet the increasing demand.
The use of fuel cells to provide power generation is gaining ground at sites throughout the U.S., with data centers in particular targeting the technology to decrease reliance on external power. Smaller fuel cells can be used in automotive applications.
Industrial Info Resources data show more than $4.8 billion in active power generation projects using fuel cells, although most of these are planned for the future.
The “fuel cells” umbrella is a bit broad, as the label covers both fuel cells powered directly by hydrogen as well as those that run on a supply of natural gas. The technologies have similarities, as hydrogen is the ultimate source of power for both types of cells.
Both hydrogen and natural gas fuel cells generate electricity through an electrochemical process, rather than combustion. Hydrogen-based fuel cells directly use hydrogen, with water vapor the only byproduct (in addition to heat). Natural gas fuel cells actually convert the natural gas to hydrogen, which is then used to generate electricity and releases both water vapor and carbon dioxide, although significantly less CO2 than combustion processes, as well as virtually eliminating some types of emissions such as nitrogen oxides and sulfur oxides.
Industrial Info’s fuel cell coverage of fuel cell manufacturing and their deployment for power generation includes both natural gas- and hydrogen-based fuel cell technologies.
Using fuel cells for behind-the-meter power generation is gaining ground in the U.S., and the prime recipients of this technology are data centers.
Many of the fuel cell systems that are intended for data centers are meant to run on natural gas, but one of the nation’s leading fuel cell manufacturers, Bloom Energy, provides technologies that possess substantial fuel flexibility.
It’s these flexible Bloom technologies that American Electric Power Company (AEP) plans to use at a generation facility in Hilliard, Ohio, to help power a nearby Amazon data center. Industrial Info Resources data show most of the buildings at Amazon’s Hilliard data center have been completed, and work on the final 110,000-square-foot building is planned to begin this year. Shortly after that building is finished in mid-2027, AEP is expected to put the finishing touches on a 72.91-megawatt (MW)fuel cell facility that will power a portion of the data center.
At the generation site, AEP will employ various Bloom Energy systems that are primarily meant for natural gas but fully capable of using hydrogen or biogas for a lower emissions footprint. Construction of the power generation plant is expected to begin later this year and last about a year.
Amazon also is considering a 20-MW fuel cell system using Bloom technology at a data center in Santa Clara, California, while elsewhere in Ohio, AEP is in the early planning stages for the use of a 100-MW fuel cell system to help power Cologix’s planned $8 billion hyperscale data center in Johnstown.
On the fuel-cell manufacturing side, covered by the Industrial Info Resources Global Market Intelligence (GMI) Industrial Manufacturing Project Database, many, but not all, of the current projects are based on hydrogen-focused technologies, largely the result of a number of them receiving funding from the Biden-era Inflation Reduction Act (IRA), which was primarily aimed to fund clean energy projects.
One of the leading projects to receive IRA funding broke ground earlier this year in Chesterfield County, Virginia, where Topsoe is working with joint venture partners Fluor Incorporated and ABB Incorporated to construct a 280,000-square-foot facility to produce up to 1 gigawatt (GW) per year of solid oxide electrolyzer cells, primarily fueled from green hydrogen. The plant is expected to be completed in 2028.
Most of the other fuel cell-manufacturing construction being tracked by Industrial Info Resources is for renovations and expansions of existing facilities. In the coming weeks, Bloom Energy is expected to break ground on an expansion of its manufacturing plant in Fremont, California, that will include installation of a new assembly line to boost production capacity to 2 GW per year.
Key Takeaways
About Industrial Info Resources
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR’s Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, Industrial Info Resources is tracking over 250,000 current and future projects worth $30.2 trillion (USD).
