BUZZ-US steel and aluminum producers jump as Trump plans additional import tariffs

Reuters02-10
BUZZ-US steel and aluminum producers jump as Trump plans additional import tariffs

** Shares of steel and aluminum manufacturers in the United States climb after President Donald Trump said he will introduce new 25% tariffs on all steel and aluminum imports into the U.S., on top of existing metal duties

** U.S. Steel X.N adds 7.1%, following on comments from Japan's Chief Cabinet Secretary Yoshimasa Hayashi that Nippon Steel 5401.T is considering a bold change in buyout plan

** Among other steelmakers, Nucor NUE.N rise 3% and Steel Dynamics STLD.O

** Roughly a quarter of all steel used in the U.S. is imported, mostly from neighbours Mexico and Canada or close allies in Asia and Europe like Japan, South Korea and Germany

** Aluminum companies Century Aluminum CENX.O gain 8.8% and Alcoa AA.N up 5.1%

** Roughly half all aluminum used in the U.S. is imported, and the vast majority comes from Canada

** Asian and European peers fall

(Reporting by Medha Singh)

((medha.singh@thomsonreuters.com))

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment