Trump's Section 232 Memo Sends Steel Shares Higher, but We Maintain a Negative Long-Term Outlook
Share prices for operators across the U.S. steel supply chain rose sharply on April 20 as Trump dusted off the 1962 Trade Expansion Act as a vehicle for potentially tougher barriers against steel imports. Trump's official memo empowers Secretary of Commerce Wilbur Ross to investigate the "effects on national security of steel imports." More specifically, the investigation will analyze U.S. capacity relative to the country's needs for national defense requirements, the effect of imports on the we...Commercial Metals, together with its subsidiaries, manufactures, recycles and markets steel and metal products, related materials and services. The company has four reportable segments: Americas Recycling, which processes scrap metals for use as a raw material by the company and other manufacturers of new metal products; Americas Mills, which operates electric arc furnace (EAF) mini mills, EAF micro mills, rerolling mill, scrap metal shredders, and scrap metal processing facilities; Americas Fabrication, which includes warehouses that sell or rent products for the installation of concrete; and International Mill, which consists of an EAF mini mill, recycling and fabrication operations located in Poland.
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