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) and Olympic Steel (ZEUS) 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.
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At that announcement, Ross said 26% of the steel America uses comes into the country at unfairly low prices.
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