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...Schnitzer Steel Industries is engaged as a recycler of ferrous and nonferrous scrap metal, including end-of-life vehicles, and a manufacturer of finished steel products. The company has two segments: Auto and Metals Recycling, which acquires and recycles ferrous and nonferrous scrap metal for sale to foreign and domestic metal producers, processors and brokers, and procures salvaged vehicles and sells serviceable used auto parts from these vehicles through a network of self-service auto parts stores; and Cascade Steel and Scrap, which produces a range of finished steel long products using ferrous recycled scrap metal and other raw materials.
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