June 1, 2018 / 7:54 PM / 4 months ago

BUZZ-U.S. steel cos gain despite Canada, Mexico's retaliatory tariffs

** Shares of U.S. steel producers rise despite retaliation from Canada and Mexico on Washington’s steel, aluminum tariffs

** S&P 1500 Steel index up nearly 2 pct; Shares of U.S. Steel, AK Steel up >3 pct, Nucor 2.7 pct and Steel Dynamics more than 1 pct

** Canada and Mexico retaliate on Thursday after U.S. slapped tariffs on steel and aluminum imports, while EU had its own reprisals ready to go, reviving global trade war fears

** U.S. President Donald Trump told Canada - the biggest steel supplier to U.S. - and EU to do more to bring down their trade surpluses

** AK Steel and Steel Dynamics generated 90 to 95 percent of their 2017 sales from the United States, while U.S. Steel got about 76 pct of its 2017 revenue from North America, and the rest from Europe

** The S&P 1500 Steel index is up almost 9 pct this year

** Shares of big metal consumers including planemaker Boeing and heavy machinery maker Caterpillar also gained about 1 pct each on Friday after falling 2 percent a day earlier.

** Shares of Harley Davidson Inc fell as much as 2.6 pct on Friday, as the U.S. motorcycle maker warned of a hit from EU reprisal against Trump’s tariffs (Reporting by Shreyashi Sanyal in Bengaluru)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below