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%.