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Trump to revive 1962 law to investigate steel imports

Apr. 20, 2017 10:46 AM ETUnited States Steel Corporation (X) StockWOR, NUE, MT, ATI, X, AKS, STLD, RS, CLF, SLXBy: Carl Surran, SA News Editor44 Comments
  • Steel stocks are higher as Pres. Trump is expected to meet with industry executives today at the White House and sign a directive asking for a probe into whether imports of foreign-made steel are hurting U.S. national security.
  • Trump reportedly will sign the memorandum authorizing a probe under section 232 of the Trade Expansion Act of 1962, a rarely used law that allows emergency trade sanctions based on reasons of national security.
  • Meanwhile, the U.S. International Trade Commission today will hear an antitrust complaint from U.S. Steel (X +3.8%) that rival Chinese manufacturers colluded to fix prices to undercut competitors in the U.S. market; in November, a trade judge rejected the claim, saying the agency did not have legal authority to hear the allegations.
  • Other steel-related stocks (SLX +2.2%) also are higher: AKS +4.4%, STLD +2.7%, NUE +1.7%, CLF +4.1%, MT +3.3%, ATI +2.1%, RS +1.1%, WOR +1.6%.

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