By Joe Wallace
Shares of American steel and aluminum producers jumped ahead of the opening bell, after President Trump said he plans to impose 25% tariffs on imports of the two metals on Monday.
-- The stock prices of Cleveland-Cliffs, Nucor, Steel Dynamics, U.S. Steel and Alcoa all jumped premarket.
-- Prices for steel traded in the Midwest rose on the Comex futures exchange.
The steel and aluminum tariffs will apply to every nation. Canadian suppliers, though, could be worst affected.
The U.S. relies on overseas suppliers to meet about 80% of its demand for primary aluminum, which is the pure metal that emerges from smelters. Canada accounts for about 70% of the unwrought aluminum that the U.S. imports, according to JPMorgan Chase analysts.
Almost a third of imported steel came from Canada in 2023, according to analysts at Dutch bank ING, a major lender to commodities companies.
The president imposed tariffs on steel and aluminum imports on national-security grounds in his first term in 2018. Both the Trump and Biden administrations then granted a series of exemptions after lobbying from domestic producers and allies.
U.S. Steel shares had slumped on Friday, when Trump said he supported what he described as an emerging agreement that would allow Japan's Nippon Steel to invest in but not fully own the American producer. The Biden administration blocked a sale to Nippon Steel last month.
This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).
(END) Dow Jones Newswires
February 10, 2025 07:05 ET (12:05 GMT)
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