Tuesday, September 13, 2016 11:18:08 AM
10:52 am ET September 13, 2016 (Dow Jones)
By Ben Levisohn
U.S. Steel ( X) got what it wanted when the U.S. International Trade Commission ruled that seven countries could be hit with tariffs for dumping their steel. Citigroup's Alexander Hacking has the details:
Hot Rolled Coil Steel - The ITC has confirmed final duties on HRC imports from seven countries: Australia, Brazil, Japan, Korea, the Netherlands, the UK and Turkey (dumping only). Note: China has already been ruled against. Import duties are now fixed for five years. The only blip is that the ITC made a negative ruling on Turkish government subsidies (so the duty now applies to anti-dumping only at 4-7%, removing the additional 6% subsidy rate). Platts reports that one Turkish mill has been offering sales with the duty paid.
Stainless - The DoC yesterday made a preliminary determination that imports of stainless steel from China are being sold at dumping prices in the US. Preliminary duties have been established at 64% to 77%. The ITC will now investigate damages to domestic producers before determining final duties.
These two rulings were widely expected but continue t he positive momentum of US steel producers in widening trade protection. We expect domestic U.S. steel prices to hold the $550-600/t range in 2H16, partly supported by lower imports and also by low inventory and mill idlings. Prices are expected to fall to $500-550/t in mid-2017 as traders find new sources of imports.
Unfortunately, the rulings have done nothing for U.S. Steel's stock--or the stocks of competitors like AK Steel ( AKS), Nucor ( NUE) and Steel Dynamics ( STLD)--today.
Shares of U.S. Steel have dropped 5.2% to $16.53 at 10:49 a.m. today, while AK Steel has tumbled 5.6% to $4.02, Nucor has fallen 2.6% to $46.46, and Steel Dynamics is off 2.6% to $23.50.
More at Barron's Stocks to Watch blog, http://blogs.barrons.com/stockstowatchtoday/
(END) Dow Jones Newswires
Recent X News
- Paramount’s Shares Surge Following Sony and Apollo’s Joint Bid; ISS Backs Berkshire Hathaway Director Re-election, and More • IH Market News • 04/19/2024 11:31:22 AM
- United States Steel Corporation to Release First Quarter 2024 Financial Results on May 2, 2024 • Business Wire • 04/16/2024 08:15:00 PM
- Samsung Surpasses Apple in Q1 Smartphone Market; Salesforce in Talks to Acquire Informatica, and More News • IH Market News • 04/15/2024 11:06:48 AM
- U. S. Steel Stockholders Approve Transaction with Nippon Steel Corporation (NSC) • Business Wire • 04/12/2024 05:45:00 PM
- Costco Increases Dividend by 14%, Meta Introduces ‘Artemis’ AI Chip, and More News • IH Market News • 04/11/2024 11:24:54 AM
- Apple Terminates 614 Employees, Disney Unveils June Crackdown on Password Sharing, and More Updates • IH Market News • 04/05/2024 11:38:57 AM
- Cal-Maine Surges on Strong Quarterly Performance, Taiwan Earthquake Disrupts Tech Supply Chain, and More • IH Market News • 04/03/2024 11:12:20 AM
- U. S. Steel and CarbonFree Sign Definitive Agreement to Capture Carbon Dioxide Emissions at One of the Largest North American Integrated Steel Mills • Business Wire • 04/03/2024 11:00:00 AM
- Leading Independent Proxy Advisory Firms ISS and Glass Lewis Recommend U. S. Steel Shareholders Vote “FOR” the Pending Transaction with Nippon Steel Corporation (NSC) • Business Wire • 03/29/2024 11:00:00 AM
- U. S. Steel Consent Decree for Clairton Plant Incidents Authorized by Environmental Protection Agency and Department of Justice • Business Wire • 03/26/2024 02:12:00 PM
- United States Steel Honors Employees for Community Service with Donations to Charitable Organizations • Business Wire • 03/20/2024 04:05:00 PM
- Unilever Initiates Ice Cream Division Spin-Off and Announces Job Cuts; Berkshire Ramps Up Share Buyback Efforts, and More • IH Market News • 03/19/2024 11:33:10 AM
- United States Steel Corporation Provides First Quarter 2024 Guidance • Business Wire • 03/18/2024 12:15:00 PM
- Adobe Stock Drops Following Below-Estimate Projections, Cardlytics Surges with Unexpected Profit, and More News • IH Market News • 03/15/2024 11:30:55 AM
- Fisker’s Shares Take a Hit Amid Speculation of Bankruptcy, Altria Divests from AB InBev to Fund Stock Repurchase Initiative • IH Market News • 03/14/2024 11:39:32 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/11/2024 02:04:04 PM
- U. S. Steel Makes Strategic Investment in Pittsburgh-Based Autonomous Warehousing Pioneer -- Freespace Robotics • Business Wire • 03/11/2024 01:05:00 PM
- Form DEFA14A - Additional definitive proxy soliciting materials and Rule 14(a)(12) material • Edgar (US Regulatory) • 03/06/2024 08:11:51 PM
- Form DEFA14A - Additional definitive proxy soliciting materials and Rule 14(a)(12) material • Edgar (US Regulatory) • 03/05/2024 08:17:56 PM
- Form DEFA14A - Additional definitive proxy soliciting materials and Rule 14(a)(12) material • Edgar (US Regulatory) • 03/05/2024 08:16:14 PM
- AMD Hits Regulatory Roadblock, GitLab’s Stock Tumbles on Disappointing Earnings, and Latest News • IH Market News • 03/05/2024 11:05:08 AM
- Form DEFA14A - Additional definitive proxy soliciting materials and Rule 14(a)(12) material • Edgar (US Regulatory) • 03/05/2024 11:01:00 AM
- Form DEFA14A - Additional definitive proxy soliciting materials and Rule 14(a)(12) material • Edgar (US Regulatory) • 03/04/2024 07:07:25 PM
- Ethisphere Names U. S. Steel One of the World’s Most Ethical Companies® for Third Consecutive Year • Business Wire • 03/04/2024 04:30:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/29/2024 11:11:18 PM
Bantec Reports an Over 50 Percent Increase in Sales and Profits in Q1 2024 from Q1 2023 • BANT • Apr 25, 2024 10:00 AM
Cannabix's Breath Logix Alcohol Device Delivers Positive Impact to Private Monitoring Agency in Montana, USA • BLO • Apr 25, 2024 8:52 AM
Kona Gold Beverages, Inc. Announces Name Change to NuVibe, Inc. and Initiation of Ticker Symbol Application Process • KGKG • Apr 25, 2024 8:30 AM
Axis Technologies Group and Carbonis Forge Ahead with New Digital Carbon Credit Technology • AXTG • Apr 24, 2024 3:00 AM
North Bay Resources Announces Successful Equipment Test at Bishop Gold Mill, Inyo County, California • NBRI • Apr 23, 2024 9:41 AM
Epazz, Inc.: CryObo, Inc. solar Bitcoin operations will issue tokens • EPAZ • Apr 23, 2024 9:20 AM