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U.S. Steel +7% but peers tumble as Trump signals delay on imports decision

Published 07/26/2017, 11:23 AM
© Reuters.  U.S. Steel +7% but peers tumble as Trump signals delay on imports decision
  • U.S. Steel (X +7%) shares remain on the rise following the company's blowout Q2 earnings report and sharply higher guidance, but other steelmakers (SLX -1.6%) are tanking after Pres. Trump's discouraging comments yesterday about Section 232.
  • On using his Section 232 powers to curb steel imports into the U.S. on national security grounds, Trump told WSJ in an interview yesterday that a final decision likely would remain on hold until work on other major initiatives including health care, taxes and possibly infrastructure move forward.
  • Trump also cited the complexity of the issue, which has been bogged down by widespread opposition from business groups, trading partners and infighting within the White House.
  • Moving lower: AKS -7.6%, NUE -3.8%, CLF -3.3%, STLD -4.8%, CMC -5.6%, MT -1.8%, RS -3.4%, WOR -2.1%, SCHN -3.2%, TMST -4.5%.
  • Now read: Cliffs: Majors' Production Reports Point To Upside


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