Steel and aluminum prices were taking a hit Tuesday, June 19, amid escalating trade war rhetoric between U.S. and China.
After President Trump's announcement late Monday on possible more tariffs on China, steel and aluminum stocks plummeted. The possibility of a trade war with China has investors feeling gun-shy about the future profit potential of heavy machine industries.
Aluminum stocks were taking more of a hit than those in the steel industry. Century Aluminum Co. (CENX) - Get Report shares dove more than 6.4%. Kaiser Aluminum Corp. (KALU) - Get Report dropped 2%, and Reliance Steel & Aluminum Co. (RS) - Get Report was down 2.5%.