May 31, 2018 / 2:13 PM / a year ago

Steel, aluminum stocks gain as U.S. moves ahead with tariffs

May 31 (Reuters) - Shares of U.S. steel and aluminum makers rose on Thursday after the Trump administration moved ahead with tariffs on aluminum and steel imports from Canada, Mexico and the European Union, ending a two-month exemption.

Shares of U.S. Steel Corp and AK Steel Holding Corp jumped about 6 percent, while Nucor Corp and Steel Dynamics Inc gained more than 2 percent.

The S&P Composite 1500 Steel index was up 1.8 percent.

Century Aluminum’s shares rose 7.1 percent and Alcoa gained 3.6 percent.

President Donald Trump on March 23 imposed a 25 percent tariff on steel imports and a 10 percent tariff on aluminum, but granted temporary exemptions to Canada, Mexico, Brazil, the EU, Australia and Argentina.

Reporting by Rachit Vats in Bengaluru

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