Growing Trump Worries Are Weighing on AK Steel Holding Corporation's Stock Today
Shares of AK Steel (NYSE: AKS) slumped on Friday and were down nearly 9% by the closing bell. It wasn't alone, as U.S. Steel (NYSE: X) and Nucor (NYSE: NUE) also sold off on the day, down 8% and 2%, respectively. Fueling the sell-off are growing worries that President Donald Trump might not be able to use his authority to restrict steel imports as quickly as expected, if at all.
This past April, Trump instructed Commerce Secretary Wilbur Ross to decide if the president could implement Section 232 of the Trade Expansion Act of 1962, which would allow him to restrict steel imports if the Commerce Department finds those imports to be a threat to national security. Such a restriction would be a boon to American steel producers AK Steel, U.S. Steel, and Nucor, which is why those stocks soared after the election.
Image source: Getty Images.
Source: Fool.com
United States Steel Corp. Aktie
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