Steel names broadly lower as U.S. halves tariffs on imports from Turkey

|About: AK Steel Holding Corporation (AKS)|By:, SA News Editor

The Trump administration says it is lowering special tariffs on steel imports from Turkey to 25% from 50%, citing a sharp decline in imported steel from Turkey and the improvement in the U.S. industry's capacity utilization to "approximately the target level" recommended by Commerce Secretary Ross.

Cowen analysts view the headline as a negative for the broader steel sector, particularly rebar exposed names including Commercial Metals (CMC -5.9%), Nucor (NUE -4%) and Steel Dynamics (STLD -2.9%), but potentially benefiting Schnitzer Steel (SCHN +0.1%).

Also: X -2.3%, AKS -2.3%, MT -3.5%.

Cowen believes the sector stocks generally have not priced in the persistence of the 50% tariffs on Turkey.

ETF: SLX

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