U.S. Steel +2%, says South Korean companies are dumping pipes

U.S. Steel (X +2%) CEO Mario Longhi will tell the U.S. Congressional Steel Caucus today that South Korean steelmakers are dumping steel pipes and tubes in the U.S. and have created a network of related companies in order to evade U.S. trade laws.

Sales of pipes and tubes sold to oil and gas extracting companies have helped profitability at U.S. Steel, representing 48% of 2013 operating income, as well as other steelmakers such as Nucor (NUE +0.6%).

Other steel names: AKS +2.3%, ZEUS +2.2%, WOR +1.4%, STLD +1%, CMC +0.9%.

Aluminum names: CSTM +2.5%, CENX +2.1%, KALU +1%, AA +0.4%, RS +0.2%.

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Comments (1)
  • Engineer&Far
    , contributor
    Comments (172) | Send Message
    South Korean automakers (Kia, Hyundai, etc) lie about their gas mileage while the government (until recently) audited any Korean citizen that bought an American car. With friends like this, who needs enemies?
    25 Mar 2014, 12:19 PM Reply Like
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