3 Onshoring Stocks To Watch As US Canada Trade Costs Rise

As the U.S. and Canada edge deeper into a trade clash, with steep tariffs, complex customs rules and disrupted supply chains, some companies face rising costs while others see a surge in demand for their services. That split creates both risk and potential opportunity for investors who follow onshoring, compliance and manufacturing themes. This article walks through three stocks exposed to these trade shocks and why they may matter for your watchlist.

The stocks covered below are just a small sample, and the full screen surfaced 70 more U.S. and Canadian industrial manufacturers with equally compelling onshoring and trade-compliance narratives that are not discussed here. If you want to identify and analyze your own shortlist, head straight into the North American Onshoring Industrial Manufacturers screener.

Atkore (ATKR)

Overview: Atkore manufactures electrical conduit, cable management and safety products that sit inside factories, data centers and infrastructure projects, with much of this activity tied to U.S. industrial and commercial build outs as companies add or relocate capacity onshore. Through its Electrical and Safety & Infrastructure segments, it supplies metal and plastic conduit, framing systems and security products to construction, maintenance, infrastructure, alternative power, healthcare, data centers and government customers.

Operations: Atkore generates about US$2.1b in revenue from its Electrical segment and US$836 million from Safety & Infrastructure, with roughly US$2.5b coming from the United States and the rest from Europe, Asia Pacific and other Americas markets.

Market Cap: US$3.2b

Atkore is closely tied to the North American onshoring theme because it supplies many of the electrical and infrastructure components needed when factories, warehouses and data centers are built or expanded in the U.S., and recent tariff changes on steel, aluminum and copper have reinforced the value of its domestic production and sourcing relationships. Tariffs can reduce import competition and support pricing, but management has openly flagged risks such as weaker PVC conduit pricing, an estimated US$50 million headwind into FY 2026, and the ongoing uncertainty around future trade rules and project timing. For investors, the mix of a focused U.S. footprint, exposure to AI and renewable infrastructure builds, and a pending all cash takeover by Prysmian creates a layered story that is not fully captured by headline numbers alone.

Atkore’s onshoring exposure, AI and renewable build projects, and the Prysmian takeover interest suggest a richer story than basic revenue splits reveal. Get the full picture, including a key risk twist, in the analysis report for Atkore

Metallus (MTUS)

Overview: Metallus is a U.S. based steel producer that makes alloy, carbon and micro alloy steel bars, tubes and precision components that go into cars, trucks, oil and gas equipment, bearings, defense systems and other industrial machinery. This gives manufacturers a domestic alternative to imported steel parts as onshoring and trade frictions intensify. The company also supplies customized steel components to sectors such as aerospace, mining, construction, agriculture and power generation, providing a broad link into North American industrial supply chains.

Operations: Metallus generates about US$1.2b in revenue from its Metal Processors and Fabrication segment.

Market Cap: US$826 million

Metallus provides exposure to the onshoring theme at an early stage of its profitability journey. Its Ohio footprint, specialty steel focus and recent U.S. Army backed investments in munitions related capacity all point to deeper domestic content demand as trade barriers rise. At the same time, it is important to weigh tariff supported share gains, forecast earnings growth and active buybacks against a high P/E multiple, reliance on cyclical end markets and the risk that any future change in trade rules or input costs could quickly affect margins. The incoming CEO transition in 2027 adds another factor that close followers of the stock may want to monitor carefully.

Metallus looks like a reshoring story with earnings momentum meeting a premium P/E. See how the analyst forecasts for Metallus stack up against tariff support, cyclical demand swings and one underappreciated pivot that could change the narrative

Hammond Power Solutions (TSX:HPS.A)

Overview: Hammond Power Solutions designs and manufactures transformers and related power quality equipment that feed electricity into factories, data centers, EV charging sites and other infrastructure across Canada, the U.S., Mexico and India. This makes it a direct equipment supplier to many of the onshoring and reshoring projects reshaping North American industrial capacity.

Operations: Hammond Power Solutions generates about CA$1.1b in revenue from the manufacture and sale of transformers, with roughly CA$805.9 million from the United States and Mexico, CA$221.7 million from Canada and CA$34.5 million from India.

Market Cap: CA$2.9b

Hammond Power Solutions gives investors exposure to onshoring and grid investment in a very direct way, since its transformers and power equipment are required when new North American plants, data centers and electrification projects are built or upgraded. Forecast revenue and earnings growth are currently estimated to be ahead of the broader Canadian market, supported by capacity expansion in Mexico and index inclusion that has already raised the company’s profile. At the same time, recent margin pressure, earnings softness and a higher P/E mean expectations are demanding and execution needs to stay tight. There are also tariff and input cost risks that management is actively managing through contract protections and a flexible footprint. Taken together, this is a business that appears attractive, but far from risk free, for investors following this theme.

Hammond Power Solutions is riding North American electrification while contending with margin pressure and a higher P/E. See how the analyst forecasts for Hammond Power Solutions line up with those risks and one potential surprise investors often miss

Seeking Alternatives Before The Crowd?

Fresh ideas move first. By the time momentum is flying, the best entry points can be gone. Check these under the radar themes while it matters and get in early.

• Spot companies with strong cash, modest debt and resilient earnings. Then zero in on the curated list of solid balance sheet and fundamentals (53 results) for potential core holdings before others catch on.
• Target metals producers tied to long term electrification and infrastructure demand by scanning the hand picked 9 top copper producer stocks that could benefit if construction and power projects keep scaling.
• Ride the broader shift into advanced automation by reviewing the curated 36 robotics and automation stocks that may gain as factories, warehouses and logistics networks upgrade their systems.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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