May 17, 2019 / 7:38 PM / 2 months ago

BUZZ-Stelco Holdings jumps on US-Canada agreement to lift metals tarrifs on Canada

** Shares of Canadian steel company Stelco Holdings Inc rise 10.2% at C$16.89 after the United States agrees to lift metal tariffs on Canada

** Stock sees largest intraday percentage gain

** The quota-free deal between the United States and Canada will eliminate the U.S. metal tariffs within 48 hours as well as Canada’s retaliatory tariffs on some $12 bln worth of U.S. products

** Canadian Prime Minister Justin Trudeau is scheduled to meet co’s steel workers in Ontario, his spokesman posted on Twitter

** Brokerage National Bank of Canada (NBC) estimates at least C$52 mln annualized lift to co’s EBITDA after the deal

** “In a big win for Stelco, and other Canadian producers, the agreement reportedly comes with no attached quotas, although requires tougher measures imposed on steel from China that is directed through both countries into the U.S.” - NBC

** Rates stock ‘outperform’, with PT C$18.00

** Stelco shares up ~20% YTD (Reporting By Arundhati Sarkar in Bengaluru)

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