InstaForex InstaForex

Prime News

U.S. Steel Stocks Surge as Trump Launches National Security Probe on Imports

Stocks of U.S. steel firms rose as President Donald Trump ordered an investigation to assess whether imports of foreign-made steel are a threat to national security.

According to U.S. Commerce Secretary Wilbur Ross said the probe was in reaction to Chinese exports of steel representing 26 percent of the U.S. market. During a White House meeting where executives of U.S. steel firms and top U.S. officials were present, Trump signed a directive ordering for a swift investigation under section 232 of the Trade Expansion Act of 1962, a law which will allow Trump to hit trade partners with restrictions on grounds of national security.

The S&P 1500 steel index jumped 5.2 percent, its largest daily percentage gain since the end of November, as the rally became stronger after the inking of the executive order.

Steel Dynamics shares advanced 6.8 percent, while Nucor gained 4.7 percent. Shares of AK Steel jumped 8.6 percent while U.S. Steel climbed 7.4 percent.

The steadier prices and earnings of iron ore are also seen to bolster the sector, according to analysts.
Recommend: Prime News
​Treasury Yields Rise Amid Fed Minutes, Political Developments
17 Aug 2017, 03:04 UTC+00   
Views today: 1365 
Tencent Shares Surges on Record Quarterly Results
17 Aug 2017, 03:34 UTC+00   
Views today: 1358 
Gold Climbs on Weaker Dollar as Palladium Hits 16-Year High
17 Aug 2017, 03:47 UTC+00   
Views today: 1358 
U.S. Stocks Advanced after Trump Announcement, Fed Minutes
17 Aug 2017, 01:08 UTC+00   
Views today: 1358 
Latest Fed Minutes Show Divide Among Policymakers
17 Aug 2017, 02:57 UTC+00   
Views today: 1353 

All Prime news

Start trading with
no risks and investments
With new Start-Up Bonus of $1000
Get bonus
from InstaForex
on every deposit