Steel Stocks Jump As Investors Bet Team Trump May Telegraph Import Moves at Wed. Hearing

U.S. steel stocks rallied sharply on Wednesday as investors bet that a Commerce Dept. hearing on Wednesday will determine that certain steel imports pose a threat to national security and that foreign steel's flow into the country will slow.

U.S. Steel X, AK Steel AKS, Reliance Steel RS, Timken Steel TMST, Steel Dynamics (STLD) - Get Report and Olympic Steel (ZEUS) - Get Report all rose between 2% and 7% on Tuesday.

Last month U.S. Commerce Secretary Wilbur Ross said that the results of an investigation he launched would determine if Chinese and other foreign-made steel poses a threat to U.S. national security.

In April President Trump signed an executive order calling for a look at steel imports and any threats foreign steel amplified for the U.S. 

At that announcement, Ross said 26% of the steel America uses comes into the country at unfairly low prices.

Read More Trending Articles:

• Jim Cramer on Trump's Budget, Take Two Interactive, AutoZone, Toll Brothers, Xilinx, Lowe's and Tiffany
• Amazon and Walmart Have Joined Forces to Destroy One of Dying Sears' Most Important Businesses
• Here's Why Tesla's Elon Musk Just Called Himself an 'Idiot' on Twitter
• Apple May Have Structured Its Nokia Settlement With Its Qualcomm Lawsuit In Mind
• Get Your Head Into the Cloud: Cramer's 'Mad Money' Recap (Monday 5/22/17)