Steel Dynamics’s stock jump 3.2% premarket after Q2 earnings guidance

mw logo social

Steel stocks rally after Trump Administration says import tariffs will go into effect Friday

Steel and aluminum stocks rallied Thursday, after the Trump Administration said it will impose tariffs on steel and aluminum imports on Canada, Mexico and the European Union starting Friday. However, most stocks were still down sharply since the original announcement of tariffs in early March. Shares of AK Steel Holding Corp. rose 1.6%, of U.S. Steel Corp. climbed 3.6%, of Nucor Corp. advanced 1.1%, of Commercial Metals Co. gained 2.1% and of Steel Dynamics Inc. edged up 0.3%. The tariffs to be imposed are 25% on steel imports and 10% on aluminum, as announced on March 1. Since the March 1 closes, shares of AK Steel have shed 17.5%, of U.S. Steel have tumbled 22.7%, of Nucor have lost 4.0%, of Commercial Metals have declined 5.0% and of Steel Dynamics have gained 3.9%, while the S&P 500 has edged up 1.3%.

Read on Market Watch

Share:

Author: HEDGE

Hedge Accordingly was founded ahead of the global financial crisis in January of 2008, with the goal of providing our readers our unique take on The Latest News on Wall Street, Stocks, #Politics and Business news. Hedge Accordingly produces both original, and aggregated #Wallst news content from top publishers around the world. We curate aggregated content covering the latest news on politics, stocks, wall street, and the tech industry. We also provide free stock charting, quotes and a bitcoin, forex and currency exchange. Learn More About HEDGEaccordingly.com