Tariffs lift U.S. steel and aluminum shares premarket
Shares of U.S. steel and aluminum companies rose in premarket trading after the U.S. imposed 50% tariffs on Canadian goods.
Nucor (NUE.N) was up 4.06%, Cleveland-Cliffs (CLF.N) up 1.39%, Steel Dynamics (STLD.O) up 4.10% and Century Aluminum (CENX.O) up 2.48%.
The U.S. imposed 50% tariffs on selected Canadian goods on Saturday after trade talks between the longtime allies broke down, with both sides blaming each other for the failure to reach a deal.
The tariffs add to strains between U.S. President Donald Trump and Canadian Prime Minister Mark Carney, potentially complicating broader efforts to renew the United States-Mexico-Canada Agreement trade pact.
As of the last close, the S&P 500 Steel index (.SPLRCSTEEL) was up about 43.9% year to date.
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