Latest news with #Cleveland-CliffsInc
Yahoo
2 hours ago
- Business
- Yahoo
Why Cleveland-Cliffs Inc. (CLF) Skyrocketed On Monday
We recently published a list of . In this article, we are going to take a look at where Cleveland-Cliffs Inc. (NYSE:CLF) stands against other top-performing stocks on Monday. Cleveland-Cliffs snapped a two-day losing streak on Monday, surging 23.16 percent to end at $7.18 apiece as investors flocked to US steelmakers following President Donald Trump's new tariff bomb. On Friday, Trump said that he would impose a 50-percent tax on steel and aluminum imports effective tomorrow, June 4. The new levies followed his accusation against China of violating an agreement with the US to mutually reduce levies and trade restrictions for critical minerals. A welder in a hardhat soldering steel plates to a blueprint plan. The US Midwest duty-paid aluminum premium AUPc1 surged by 54 percent or $0.58 per lb to $1,279 per metric ton on Monday, while US hot rolled coil steel increased by 7.4 percent. The imposition of new duties on imported steel and aluminum products makes domestic manufacturers such as Cleveland-Cliffs Inc. (NYSE:CLF) more appealing to investors as it may bolster demand for their products, support competitive pricing for locally-produced goods, and further reduce competition with international producers. Cleveland-Cliffs Inc. (NYSE:CLF) is a US-based steel and iron ore manufacturer based in Cleveland, Ohio. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
5 hours ago
- Business
- Yahoo
Why Cleveland-Cliffs Inc. (CLF) Skyrocketed On Monday
We recently published a list of . In this article, we are going to take a look at where Cleveland-Cliffs Inc. (NYSE:CLF) stands against other top-performing stocks on Monday. Cleveland-Cliffs snapped a two-day losing streak on Monday, surging 23.16 percent to end at $7.18 apiece as investors flocked to US steelmakers following President Donald Trump's new tariff bomb. On Friday, Trump said that he would impose a 50-percent tax on steel and aluminum imports effective tomorrow, June 4. The new levies followed his accusation against China of violating an agreement with the US to mutually reduce levies and trade restrictions for critical minerals. A welder in a hardhat soldering steel plates to a blueprint plan. The US Midwest duty-paid aluminum premium AUPc1 surged by 54 percent or $0.58 per lb to $1,279 per metric ton on Monday, while US hot rolled coil steel increased by 7.4 percent. The imposition of new duties on imported steel and aluminum products makes domestic manufacturers such as Cleveland-Cliffs Inc. (NYSE:CLF) more appealing to investors as it may bolster demand for their products, support competitive pricing for locally-produced goods, and further reduce competition with international producers. Cleveland-Cliffs Inc. (NYSE:CLF) is a US-based steel and iron ore manufacturer based in Cleveland, Ohio. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey. Sign in to access your portfolio
The Advertiser
3 days ago
- Business
- The Advertiser
Trump vows to double steel tariffs to 50 per cent
US President Donald Trump plans to increase tariffs on imported steel and aluminium to 50 per cent from 25 per cent, ratcheting up pressure on global steel producers and deepening his trade war. "We are going to be imposing a 25 per cent increase. We're going to bring it from 25 per cent to 50 per cent - the tariffs on steel into the United States of America, which will even further secure the steel industry in the United States," he said at a rally in Pennsylvania on Friday. Trump announced the higher tariffs just outside Pittsburgh, where he was talking up an agreement between Nippon Steel and US Steel. Trump said the $US14.9 billion ($A23.2 billion) deal, like the tariff increase, will help keep jobs for steel workers in the US. He later posted on social media that the increased tariff would also apply to aluminium products and that it would take effect on Wednesday. Shares of steelmaker Cleveland-Cliffs Inc surged 26 per cent after the market close as investors bet the new levies would help its profits. The doubling of steel and aluminium levies intensifies Trump's global trade war and came just hours after he accused China of violating an agreement with the US to mutually roll back tariffs and trade restrictions for critical minerals. Canada's Chamber of Commerce quickly denounced the tariff hike as "antithetical to North American economic security". "Unwinding the efficient, competitive and reliable cross-border supply chains like we have in steel and aluminium comes at a great cost to both countries," Candace Laing, president of the chamber, said in a statement. Australia's government also condemned the tariff increase as "unjustified and not the act of a friend". Australia, a key US security ally in the Indo-Pacific, would "continue to engage and advocate strongly for the removal of the tariffs", Trade Minister Don Farrell said in a statement. Trump spoke at US Steel's Mon Valley Works, a steel plant that symbolises both the one-time strength and the decline of US manufacturing power as the Rust Belt's steel plants and factories lost business to international rivals. Closely contested Pennsylvania is also a major prize in presidential elections. The US is the world's largest steel importer, excluding the European Union, with a total of 26.2 million tons of imported steel in 2024, according to the Department of Commerce. As a result, the new tariffs will likely increase steel prices across the board, hitting industry and consumers alike. Steel and aluminium tariffs were among the earliest put into effect by Trump when he returned to office in January. The tariffs of 25 per cent on most steel and aluminium imported to the US went into effect in March, and he had briefly threatened a 50 per cent levy on Canadian steel but ultimately backed off. Under the so-called Section 232 national security authority, the import taxes include both raw metals and derivative products as diverse as stainless steel sinks, gas ranges, air conditioner evaporator coils, horseshoes, aluminium frying pans and steel door hinges. The 2024 import value for the 289 product categories came to $US147.3 billion with nearly two-thirds aluminium and one-third steel, according to Census Bureau data retrieved through the US International Trade Commission's Data Web system. By contrast, Trump's first two rounds of punitive tariffs on Chinese industrial goods in 2018 during his first term totalled $US50 billion in annual import value. US President Donald Trump plans to increase tariffs on imported steel and aluminium to 50 per cent from 25 per cent, ratcheting up pressure on global steel producers and deepening his trade war. "We are going to be imposing a 25 per cent increase. We're going to bring it from 25 per cent to 50 per cent - the tariffs on steel into the United States of America, which will even further secure the steel industry in the United States," he said at a rally in Pennsylvania on Friday. Trump announced the higher tariffs just outside Pittsburgh, where he was talking up an agreement between Nippon Steel and US Steel. Trump said the $US14.9 billion ($A23.2 billion) deal, like the tariff increase, will help keep jobs for steel workers in the US. He later posted on social media that the increased tariff would also apply to aluminium products and that it would take effect on Wednesday. Shares of steelmaker Cleveland-Cliffs Inc surged 26 per cent after the market close as investors bet the new levies would help its profits. The doubling of steel and aluminium levies intensifies Trump's global trade war and came just hours after he accused China of violating an agreement with the US to mutually roll back tariffs and trade restrictions for critical minerals. Canada's Chamber of Commerce quickly denounced the tariff hike as "antithetical to North American economic security". "Unwinding the efficient, competitive and reliable cross-border supply chains like we have in steel and aluminium comes at a great cost to both countries," Candace Laing, president of the chamber, said in a statement. Australia's government also condemned the tariff increase as "unjustified and not the act of a friend". Australia, a key US security ally in the Indo-Pacific, would "continue to engage and advocate strongly for the removal of the tariffs", Trade Minister Don Farrell said in a statement. Trump spoke at US Steel's Mon Valley Works, a steel plant that symbolises both the one-time strength and the decline of US manufacturing power as the Rust Belt's steel plants and factories lost business to international rivals. Closely contested Pennsylvania is also a major prize in presidential elections. The US is the world's largest steel importer, excluding the European Union, with a total of 26.2 million tons of imported steel in 2024, according to the Department of Commerce. As a result, the new tariffs will likely increase steel prices across the board, hitting industry and consumers alike. Steel and aluminium tariffs were among the earliest put into effect by Trump when he returned to office in January. The tariffs of 25 per cent on most steel and aluminium imported to the US went into effect in March, and he had briefly threatened a 50 per cent levy on Canadian steel but ultimately backed off. Under the so-called Section 232 national security authority, the import taxes include both raw metals and derivative products as diverse as stainless steel sinks, gas ranges, air conditioner evaporator coils, horseshoes, aluminium frying pans and steel door hinges. The 2024 import value for the 289 product categories came to $US147.3 billion with nearly two-thirds aluminium and one-third steel, according to Census Bureau data retrieved through the US International Trade Commission's Data Web system. By contrast, Trump's first two rounds of punitive tariffs on Chinese industrial goods in 2018 during his first term totalled $US50 billion in annual import value. US President Donald Trump plans to increase tariffs on imported steel and aluminium to 50 per cent from 25 per cent, ratcheting up pressure on global steel producers and deepening his trade war. "We are going to be imposing a 25 per cent increase. We're going to bring it from 25 per cent to 50 per cent - the tariffs on steel into the United States of America, which will even further secure the steel industry in the United States," he said at a rally in Pennsylvania on Friday. Trump announced the higher tariffs just outside Pittsburgh, where he was talking up an agreement between Nippon Steel and US Steel. Trump said the $US14.9 billion ($A23.2 billion) deal, like the tariff increase, will help keep jobs for steel workers in the US. He later posted on social media that the increased tariff would also apply to aluminium products and that it would take effect on Wednesday. Shares of steelmaker Cleveland-Cliffs Inc surged 26 per cent after the market close as investors bet the new levies would help its profits. The doubling of steel and aluminium levies intensifies Trump's global trade war and came just hours after he accused China of violating an agreement with the US to mutually roll back tariffs and trade restrictions for critical minerals. Canada's Chamber of Commerce quickly denounced the tariff hike as "antithetical to North American economic security". "Unwinding the efficient, competitive and reliable cross-border supply chains like we have in steel and aluminium comes at a great cost to both countries," Candace Laing, president of the chamber, said in a statement. Australia's government also condemned the tariff increase as "unjustified and not the act of a friend". Australia, a key US security ally in the Indo-Pacific, would "continue to engage and advocate strongly for the removal of the tariffs", Trade Minister Don Farrell said in a statement. Trump spoke at US Steel's Mon Valley Works, a steel plant that symbolises both the one-time strength and the decline of US manufacturing power as the Rust Belt's steel plants and factories lost business to international rivals. Closely contested Pennsylvania is also a major prize in presidential elections. The US is the world's largest steel importer, excluding the European Union, with a total of 26.2 million tons of imported steel in 2024, according to the Department of Commerce. As a result, the new tariffs will likely increase steel prices across the board, hitting industry and consumers alike. Steel and aluminium tariffs were among the earliest put into effect by Trump when he returned to office in January. The tariffs of 25 per cent on most steel and aluminium imported to the US went into effect in March, and he had briefly threatened a 50 per cent levy on Canadian steel but ultimately backed off. Under the so-called Section 232 national security authority, the import taxes include both raw metals and derivative products as diverse as stainless steel sinks, gas ranges, air conditioner evaporator coils, horseshoes, aluminium frying pans and steel door hinges. The 2024 import value for the 289 product categories came to $US147.3 billion with nearly two-thirds aluminium and one-third steel, according to Census Bureau data retrieved through the US International Trade Commission's Data Web system. By contrast, Trump's first two rounds of punitive tariffs on Chinese industrial goods in 2018 during his first term totalled $US50 billion in annual import value. US President Donald Trump plans to increase tariffs on imported steel and aluminium to 50 per cent from 25 per cent, ratcheting up pressure on global steel producers and deepening his trade war. "We are going to be imposing a 25 per cent increase. We're going to bring it from 25 per cent to 50 per cent - the tariffs on steel into the United States of America, which will even further secure the steel industry in the United States," he said at a rally in Pennsylvania on Friday. Trump announced the higher tariffs just outside Pittsburgh, where he was talking up an agreement between Nippon Steel and US Steel. Trump said the $US14.9 billion ($A23.2 billion) deal, like the tariff increase, will help keep jobs for steel workers in the US. He later posted on social media that the increased tariff would also apply to aluminium products and that it would take effect on Wednesday. Shares of steelmaker Cleveland-Cliffs Inc surged 26 per cent after the market close as investors bet the new levies would help its profits. The doubling of steel and aluminium levies intensifies Trump's global trade war and came just hours after he accused China of violating an agreement with the US to mutually roll back tariffs and trade restrictions for critical minerals. Canada's Chamber of Commerce quickly denounced the tariff hike as "antithetical to North American economic security". "Unwinding the efficient, competitive and reliable cross-border supply chains like we have in steel and aluminium comes at a great cost to both countries," Candace Laing, president of the chamber, said in a statement. Australia's government also condemned the tariff increase as "unjustified and not the act of a friend". Australia, a key US security ally in the Indo-Pacific, would "continue to engage and advocate strongly for the removal of the tariffs", Trade Minister Don Farrell said in a statement. Trump spoke at US Steel's Mon Valley Works, a steel plant that symbolises both the one-time strength and the decline of US manufacturing power as the Rust Belt's steel plants and factories lost business to international rivals. Closely contested Pennsylvania is also a major prize in presidential elections. The US is the world's largest steel importer, excluding the European Union, with a total of 26.2 million tons of imported steel in 2024, according to the Department of Commerce. As a result, the new tariffs will likely increase steel prices across the board, hitting industry and consumers alike. Steel and aluminium tariffs were among the earliest put into effect by Trump when he returned to office in January. The tariffs of 25 per cent on most steel and aluminium imported to the US went into effect in March, and he had briefly threatened a 50 per cent levy on Canadian steel but ultimately backed off. Under the so-called Section 232 national security authority, the import taxes include both raw metals and derivative products as diverse as stainless steel sinks, gas ranges, air conditioner evaporator coils, horseshoes, aluminium frying pans and steel door hinges. The 2024 import value for the 289 product categories came to $US147.3 billion with nearly two-thirds aluminium and one-third steel, according to Census Bureau data retrieved through the US International Trade Commission's Data Web system. By contrast, Trump's first two rounds of punitive tariffs on Chinese industrial goods in 2018 during his first term totalled $US50 billion in annual import value.
Dubai Eye
3 days ago
- Business
- Dubai Eye
Trump says he plans to double steel, aluminium tariffs to 50%
US President Donald Trump said on Friday he planned to increase tariffs on imported steel and aluminium to 50 per cent from 25 per cent, ratcheting up pressure on global steel producers and deepening his trade war. Trump announced the higher tariffs just outside Pittsburgh, where he was talking up an agreement between Nippon Steel and US Steel. Trump said the $14.9 billion deal, like the tariff increase, will help keep jobs for steel workers in the US. He later posted on social media that the increased tariff would also apply to aluminium products and that it would take effect on Wednesday. Shares of steelmaker Cleveland-Cliffs Inc surged 26 per cent after the market close as investors bet the new levies will help its profits. The doubling of steel and aluminium levies intensifies Trump's global trade war and came just hours after he accused China of violating an agreement with the US to mutually roll back tariffs and trade restrictions for critical minerals. Canada's Chamber of Commerce quickly denounced the tariff hike as "antithetical to North American economic security." "Unwinding the efficient, competitive and reliable cross-border supply chains like we have in steel and aluminium comes at a great cost to both countries," Candace Laing, president of the chamber, said in a statement. Australia's centre-left government also condemned the tariff increase as "unjustified and not the act of a friend." "They are an act of economic self-harm that will only hurt consumers and businesses who rely on free and fair trade," Trade Minister Don Farrell said in a statement. Australia, a key US security ally in the Indo-Pacific, would "continue to engage and advocate strongly for the removal of the tariffs," Farrell said. Trump spoke at US Steel's Mon Valley Works, a steel plant that symbolises both the one-time strength and the decline of US manufacturing power as the Rust Belt's steel plants and factories lost business to international rivals. Closely contested Pennsylvania is also a major prize in presidential elections. The US is the world's largest steel importer, excluding the European Union, with a total of 26.2 million tons of imported steel in 2024, according to the Department of Commerce. As a result, the new tariffs will likely increase steel prices across the board, hitting industry and consumers alike. Steel and aluminium tariffs were among the earliest put into effect by Trump when he returned to office in January. The tariffs of 25 per cent on most steel and aluminium imported to the US went into effect in March, and he had briefly threatened a 50 per cent levy on Canadian steel but ultimately backed off. Under the so-called Section 232 national security authority, the import taxes include both raw metals and derivative products as diverse as stainless steel sinks, gas ranges, air conditioner evaporator coils, horseshoes, aluminium frying pans and steel door hinges. The 2024 import value for the 289 product categories came to $147.3 billion with nearly two-thirds aluminium and one-third steel, according to Census Bureau data retrieved through the US International Trade Commission's Data Web system. By contrast, Trump's first two rounds of punitive tariffs on Chinese industrial goods in 2018 during his first term totalled $50 billion in annual import value.
ARN News Center
3 days ago
- Business
- ARN News Center
Trump says he plans to double steel, aluminium tariffs to 50%
US President Donald Trump said on Friday he planned to increase tariffs on imported steel and aluminium to 50 per cent from 25 per cent, ratcheting up pressure on global steel producers and deepening his trade war. Trump announced the higher tariffs just outside Pittsburgh, where he was talking up an agreement between Nippon Steel and US Steel. Trump said the $14.9 billion deal, like the tariff increase, will help keep jobs for steel workers in the US. He later posted on social media that the increased tariff would also apply to aluminium products and that it would take effect on Wednesday. Shares of steelmaker Cleveland-Cliffs Inc surged 26 per cent after the market close as investors bet the new levies will help its profits. The doubling of steel and aluminium levies intensifies Trump's global trade war and came just hours after he accused China of violating an agreement with the US to mutually roll back tariffs and trade restrictions for critical minerals. Canada's Chamber of Commerce quickly denounced the tariff hike as "antithetical to North American economic security." "Unwinding the efficient, competitive and reliable cross-border supply chains like we have in steel and aluminium comes at a great cost to both countries," Candace Laing, president of the chamber, said in a statement. Australia's centre-left government also condemned the tariff increase as "unjustified and not the act of a friend." "They are an act of economic self-harm that will only hurt consumers and businesses who rely on free and fair trade," Trade Minister Don Farrell said in a statement. Australia, a key US security ally in the Indo-Pacific, would "continue to engage and advocate strongly for the removal of the tariffs," Farrell said. Trump spoke at US Steel's Mon Valley Works, a steel plant that symbolises both the one-time strength and the decline of US manufacturing power as the Rust Belt's steel plants and factories lost business to international rivals. Closely contested Pennsylvania is also a major prize in presidential elections. The US is the world's largest steel importer, excluding the European Union, with a total of 26.2 million tons of imported steel in 2024, according to the Department of Commerce. As a result, the new tariffs will likely increase steel prices across the board, hitting industry and consumers alike. Steel and aluminium tariffs were among the earliest put into effect by Trump when he returned to office in January. The tariffs of 25 per cent on most steel and aluminium imported to the US went into effect in March, and he had briefly threatened a 50 per cent levy on Canadian steel but ultimately backed off. Under the so-called Section 232 national security authority, the import taxes include both raw metals and derivative products as diverse as stainless steel sinks, gas ranges, air conditioner evaporator coils, horseshoes, aluminium frying pans and steel door hinges. The 2024 import value for the 289 product categories came to $147.3 billion with nearly two-thirds aluminium and one-third steel, according to Census Bureau data retrieved through the US International Trade Commission's Data Web system. By contrast, Trump's first two rounds of punitive tariffs on Chinese industrial goods in 2018 during his first term totalled $50 billion in annual import value.
