"" U.S. Steel Stocks Plummet on Canada Tariff Reduction Report
Shares of U.S. steel companies plummeted on Wednesday after Bloomberg News reported the United States plans to reduce tariffs on Canadian steel and aluminum imports to 25% from current levels. The tentative U.S.-Canada trade agreement would cut duties on certain Canadian steel and aluminum exports by half, according to Bloomberg, which cited people familiar with the matter.
Steel Dynamics (NASDAQ:STLD) dropped approximately 7%, while Nucor (NYSE:NUE) and Century Aluminum (NASDAQ:CENX) each declined more than 6%. Cleveland-Cliffs (NYSE:CLF) fell around 4%.
The move is seen as a positive development for the Canadian steel industry, which has been subject to higher tariffs under the current trade agreement. The reduction in tariffs is expected to boost exports and stimulate economic growth in the region.
