US, EU Join Forces To Tackle China's Steel Surplus, Reshaping Trump-Era Tariffs
Portfolio Pulse from Piero Cingari
The US and EU are negotiating a partnership to counter China's steel surplus, potentially introducing tariffs targeting imports from China. This is part of the broader Global Arrangement on Sustainable Steel and Aluminum, which aims to settle a dispute that began when former President Trump imposed tariffs on metal imports from Europe. The VanEck Steel ETF (NYSE:SLX), which includes various sectors such as materials, metals, and mining, has shown a 35% return over the past year. Notable US steel producers include POSCO Holdings Inc. (NYSE:PKX), U.S. Steel Corp. (NYSE:X), Nucor Corp. (NYSE:NUE), and Reliance Steel & Aluminum Co. (NYSE:RS).
September 07, 2023 | 1:20 pm
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NEUTRAL IMPACT
Nucor Corp. (NYSE:NUE) has posted a substantial gain of 28% in the same period. The potential tariffs could impact the performance of this stock.
The potential tariffs could impact the steel industry, which in turn could affect the performance of Nucor Corp. (NYSE:NUE).
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 75
NEUTRAL IMPACT
POSCO Holdings Inc. (NYSE:PKX) has surged by more than 100% year-to-date. The potential tariffs could impact the performance of this stock.
The potential tariffs could impact the steel industry, which in turn could affect the performance of POSCO Holdings Inc. (NYSE:PKX).
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 75
NEUTRAL IMPACT
Reliance Steel & Aluminum Co. (NYSE:RS) has outperformed with an impressive 32% year-to-date growth. The potential tariffs could impact the performance of this stock.
The potential tariffs could impact the steel industry, which in turn could affect the performance of Reliance Steel & Aluminum Co. (NYSE:RS).
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 75
NEUTRAL IMPACT
The VanEck Steel ETF (NYSE:SLX) has shown a 35% return over the past year. The potential tariffs could impact the performance of this ETF.
The potential tariffs could impact the steel industry, which in turn could affect the performance of the VanEck Steel ETF (NYSE:SLX).
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 75
NEUTRAL IMPACT
U.S. Steel Corp. (NYSE:X) has seen a robust increase of 22% year-to-date. The potential tariffs could impact the performance of this stock.
The potential tariffs could impact the steel industry, which in turn could affect the performance of U.S. Steel Corp. (NYSE:X).
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 75