May 1, 2018 / 2:21 PM / 6 months ago

BUZZ-U.S. steel shares slump after Trump delay on metal tariffs

** Shares of U.S. steel companies trading lower on Tues; U.S. Steel down 4.6 pct, AK Steel off 6.4 pct, Olympic Steel down 2.6 pct

** S&P 1500 Steel index falls 2.0 pct against 0.4 pct decline for broad S&P 500

** Late on Mon, White House said U.S. President Donald Trump had postponed the imposition of steel and aluminum tariffs on Canada, the European Union and Mexico until June 1; Trump also has reached agreements for permanent exemptions for Argentina, Australia and Brazil

** Trump on March 23 imposed a 25 percent tariff on steel imports and a 10 percent tariff on aluminum

** European Union’s executive arm on Tues demanded a permanent exemption from metals tariffs

** Since the day before Trump announced his tariff plans on March 1, the S&P 1500 steel index is off about 8 pct vs a nearly 3 pct drop for overall S&P 500

** YTD, S&P steel index down 2.2 pct vs 1.4 pct decline for S&P 500

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