Steel Industry on the Upswing after President’s Trump Probe: Today’s Research Reports on AK Steel and United States Steel
U.S. steel stocks surged Thursday after President Trump signed a directive requesting a probe into imports of foreign-made steel. The President has request the probe to see if the imports are hurting U.S. national security. President Trump stated that the opening of the probe by the Commerce Department was “a historic day for American steel and most importantly for American steel workers.”
"A strong steel industry is at the foundation of America’s economic and national security, and United States Steel Corporation is pleased that President Trump is initiating a Section 232 national security investigation by the Commerce Department." United States Steel Corp. said in a statement Thursday.
RDI Initiates Coverage on:
United States Steel
AK Steel’s shares spiked 8.60 percent to close at $6.82 a share on Thursday. The stock traded between $6.41 and $6.84 on volume of 32.06 million shares traded. "AK Steel particularly feels the ongoing impact of unfair electrical steel imports flooding our market," said Roger K. Newport, AK Steel Chief Executive Officer. "We cannot allow our nation’s electrical grid, which is a critical part of the nation’s infrastructure and vital to America’s national security interests, to be dependent on foreign electrical steel, particularly in the event of a natural disaster or other crisis," Mr. Newport added. Shares of AK Steel have fallen approximately 33.2 percent year-to-date.
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United States Steel’s shares surged 7.35 percent to close at $30.51 a share on Thursday. The stock traded between $28.88 and $31.06 on volume of 37.08 million shares traded. “For too long, China and other nations have been conducting economic warfare against the American steel industry by subsidizing their steel industries, distorting global markets, and dumping excess steel into the United States. The effects have been staggering. Tens of thousands of workers in the American steel industry, the industry’s supply chain and the communities in which our industry operates have lost their jobs due to unfair and illegal practices by foreign producers. We have offered the Commerce Department our full cooperation during its investigation." United States Steel wrote in a statement Thursday. Shares of United States Steel have fallen approximately 7.57 percent year-to-date.
Access RDI’s United States Steel Research Report at:
Our Actionable Research on AK Steel Holding Corporation (NYSE:AKS) and United States Steel Corporation (NYSE:X) can be downloaded free of charge at Research Driven Investing.
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