AKS - Today's Research Reports on Stocks to Watch: Nucor and AK Steel Holding
NEW YORK, NY / ACCESSWIRE / March 2, 2018 / It was a confusing day in the market for steel and aluminum stocks on Thursday. First shares of steel and aluminum stocks rallied as many expected to hear President Trump announce tariffs on steel and aluminum imports. The stocks then pulled back sharply when a CNBC report in the mid-morning announced the President would not make such a move. Share prices then went back into the green when President Trump actually did make the announcement. Companies that gains included Nucor Corporation, AK steel Holding Corp, and U.S. Steel Corp.
RDI Initiates Coverage on:
Nucor Corporation
https://rdinvesting.com/report/?ticker=NUE
AK Steel Holding Corporation
https://rdinvesting.com/report/?ticker=AKS
Nucor's shares closed up 3.26% yesterday on about 5 million shares traded. Nucor was among several steel stocks to see gains after President Trump said he would impose hefty tariffs on steel and aluminum imports. President Trump previously stated, "People have no idea how badly our country has been treated by other countries. By people representing us who didn't have a clue." According to the President, trade trends have "destroyed" American steel and aluminum industries. On Thursday he said, "When it comes to a time when our country can't make aluminum and steel ... you almost don't have much of a country. Because without steel and aluminum, your country's not the same."
Access RDI's Nucor Corporation Research Report at:
https://rdinvesting.com/report/?ticker=NUE
AK Steel Holding's shares closed up 9.50% on Thursday with nearly 72 million shares traded. Trading volume for the stock was significantly higher yesterday compared to the stock's average of just about 19.6 million shares. It was a good day for steel stocks after President Trump announced that he would impose tariffs on steel and aluminum as soon as next week. Trump's move is intended to protect steel and aluminum makers from foreign competitors. He is proposing a hefty tariff of 25% on steel imports and a 10% tariff on aluminum imports. While steel and aluminum stocks rallied, other sectors saw drops. The move by the president has some worried that it could complicate trade talks between the U.S., Mexico, and Canada. Canada has already said it would retaliate against the imposed tariffs.
Access RDI's AK Steel Holding Corporation Research Report at:
https://rdinvesting.com/report/?ticker=AKS
Our Actionable Research on Nucor Corporation (NYSE: NUE) and AK Steel Holding Corporation (NYSE: AKS) can be downloaded free of charge at Research Driven Investing.
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SOURCE: RDInvesting.com