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Steel stocks spike on report Trump is readying to slap tariffs on the US's closest allies

Published 05/31/2018, 09:51 AM
Updated 05/31/2018, 10:47 AM
© REUTERS/Brian Snyder, A worker at Gregory Industries in Canton, Ohio, in 2012.
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  • US steel stocks are jumping Thursday.
  • The Wall Street Journal said President Donald Trump was planning to go forward with tariffs on steel and aluminum imported to the US from the European Union, Mexico, and Canada.
  • Watch US Steel Corporation trade in real time here.

Shares of US steel manufacturers were jumping in early trading Thursday after The Wall Street Journal reported that President Donald Trump was ready to announce tariffs on European Union, Mexican, and Canadian steel imported into the country.

The tariffs would include taxes of 25% and 10% on steel and aluminum imported into the US, and that is sending US steel manufacturers higher. Here's the scoreboard:

US Steel Corporation: +7.5%

Nucor (NYSE:NUE): +2.7%

Steel Dynamics: +3.1%

Back in March, when the tariffs were first discussed, the Cowen and Company analyst Novid Rassouli told Business Insider that they would make US Steel's operating income "laughably high" and that the company's EBITDA "would be over double what it is right now."

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