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Steel stocks rally as Commerce nominee Ross signals China tariffs

Jan. 18, 2017 12:38 PM ETUnited States Steel Corporation (X) StockWOR, AA, NUE, MT, CMC, X, AKS, STLD, RSBy: Carl Surran, SA News Editor28 Comments
  • Steel names enjoy strong gains after Wilbur Ross, Pres.-elect Trump's nominee for Secretary of Commerce, says at his confirmation hearing that the U.S. needs to increase focus on tariffs against Chinese dumping of steel and aluminum.
  • "China is the most protectionist country of very large countries," Ross said today. "They have both very high tariff barriers and very high non-tariff trade barriers. So they talk much more about free trade than they actually practice."
  • The Obama administration often has used anti-dumping duties on Chinese goods, including cold-rolled steel products, and last week filed a complaint with the WTO over Chinese aluminum production.
  • In today's trade: X +4.6%, AKS +5.9%, NUE +2.7%, MT +1.7%, RS +1.8%, STLD +3.2%, CMC +3.6%, WOR +1.3%, AA +5.1%.

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