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Metal stocks fall as Trump weighs more exemptions to head off global trade war.

As fears grow of a potential global trade war, the Trump administration has backpedaled and is considering a larger blanket of exemptions. According to a Bloomberg article, U.S. trade representative Robert Lighthizer told the Senate Finance Committee on Thursday that "The U.S. will shield a list of allies including Europe, Australia, South Korea, Argentina and Brazil from steel and aluminum tariffs that take effect on Friday." PRICE ACTION: Shares of U.S. Steel (X) are down 9% to $35.26, Alcoa (AA) is down 5% to $45.50, while Century Aluminum (CENX) is plunging over 15% to $17.33 per share in afternoon trading. OTHERS TO WATCH: Other steel related companies arel lower in afternoon trading, including AK Steel (AKS), Steel Dynamics (STLD), Nucor (NUE), Allegheny Technologies (ATI), and Cleveland-Cliffs(CLF).

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Publication:The Fly
Date:Mar 22, 2018
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