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Steel stocks on the move ahead of U.S. Section 232 hearing

Published 05/23/2017, 12:41 PM
© Reuters.  Steel stocks on the move ahead of U.S. Section 232 hearing
STLD
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  • Steel stocks (SLX +1.4%) surge to session highs ahead of tomorrow's Commerce Department public hearing on its Section 232 investigation into the impact of steel imports on U.S. national security.
  • Macquarie says the Trump administration’s focus on Section 232 trade action could reduce supply further and a widespread action could meaningfully affect supply.
  • Jefferies says while the probability is high for some incremental trade defense measures, the scope of the investigation remains a key unknown and the hearing may provide color on various considerations at play.
  • Steel names are broadly higher: AKS +7.4%, X +4.4%, RS +4.1%, STLD +3.4%, NUE +3%, CMC +3%, WOR +2%, CLF +1.9%, MT +0.3%.
  • Source: Bloomberg First Word
  • Now read: Cliffs Natural Resources - Kiss Of Death


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