U.S. Steel, AK Steel rally after favorable ITC ruling

The ITC has voted to impose anti-dumping duties on steel pipe imports from South Korea, India, Taiwan, Turkey, Saudi Arabia, Ukraine, and Vietnam. Tariffs as high as 118% can be assigned.

U.S. Steel (X +2.3%), among the companies to have filed an ITC complaint on the matter, is rallying. As is AK Steel (AKS +3.7%). A trade group estimates imports of "oil country tubular goods" (the focus of the ITC ruling) accounted for almost 2/3 of the U.S. market last year.

In a statement, U.S. Steel says it will "continue to evaluate all of its options." That includes "further litigation" against Saudi Arabia, which was excluded from the final ITC ruling due to an amended final determination by the DoC, and the Philippines and Thailand, who were fully exempted.

From other sites
Comments (0)
Be the first to comment
DJIA (DIA) S&P 500 (SPY)
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs