- U.S. Steel (NYSE:X) fell 6% in today's trading following its 17M-share offering; Axiom Capital’s Gordon Johnson, who has been bearish on the stock, then piled on by saying the impact of tariffs on steel prices already is starting to fade.
- Johnson believes few realize - judging by the strength in U.S. steel stocks during recent months - that the resurgence in hot rolled coil steel imports into the U.S. began before the final U.S. action was rendered.
- Sheet/strip/bar HRC imports into the U.S. from the seven countries targeted in March 2016, when the preliminary decision was rendered, totaled 275.7K metric tons, falling to 174.8K tons in April following the preliminary tariffs, rebounding to 292.4K tons in May and exiting July at 311.6K tons, significantly above pre-preliminary levels.
- Other steel and iron ore producers also fell today: AKS -6.4%, NUE -1.3%, STLD -1.4%, CLF -4.5%, MT -0.7%.