- Steel stocks are higher as Pres. Trump is expected to meet with industry executives today at the White House and sign a directive asking for a probe into whether imports of foreign-made steel are hurting U.S. national security.
- Trump reportedly will sign the memorandum authorizing a probe under section 232 of the Trade Expansion Act of 1962, a rarely used law that allows emergency trade sanctions based on reasons of national security.
- Meanwhile, the U.S. International Trade Commission today will hear an antitrust complaint from U.S. Steel (X +3.8%) that rival Chinese manufacturers colluded to fix prices to undercut competitors in the U.S. market; in November, a trade judge rejected the claim, saying the agency did not have legal authority to hear the allegations.
- Other steel-related stocks (SLX +2.2%) also are higher: AKS +4.4%, STLD +2.7%, NUE +1.7%, CLF +4.1%, MT +3.3%, RS +1.1%, WOR +1.6%.
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