- Steel and aluminum shares are broadly lower ahead of Pres. Trump's expected announcement on tariffs 3:30 ET this afternoon, as investors will see if the president's tone has changed at all from last week when he proclaimed a 25% tariff on imported steel and a 10% levy on aluminum.
- Investors also may be concerned that U.S. Steel's decision to restart two blast furnaces at its Granite City Works is premature, although Credit Suisse (SIX:CSGN) analyst Curt Woodworth thinks the move should prove highly accretive to the company.
- In reiterating his Outperform rating and raising his stock price target to $55 from $48, Woodworth says is strategic and makes sense regardless of where the U.S. finally comes down on tariffs, as "payback should be rapid and U.S. Steel is already short on volume."
- X -2.6%, AKS -3%, CMC -3.6%, NUE -2.3%, STLD -2.2%, ZEUS -1.9%, MT -2.3%, SCHN -1.6%, WOR -1.6%, CENX -8.5%, AA -1.4%, CSTM -1.9%, KALU -1.5%.
- ETFs: SLX, JJU, FOIL
- Now read: AK Steel: Prime Opportunity Or Potential Value Trap?
Original article