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