U.S. Steel +7% but peers tumble as Trump signals delay on imports decision
Jul. 26, 2017 11:23 AM ET|By: Carl Surran, SA News Editor
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%.