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US, Mexico near deal to cut steel duties and cap imports
US, Mexico near deal to cut steel duties and cap imports

Miami Herald

time10-06-2025

  • Business
  • Miami Herald

US, Mexico near deal to cut steel duties and cap imports

The U.S. and Mexico are closing in on a deal that would remove President Donald Trump's 50% tariffs on steel imports up to a certain volume, according to people familiar with the matter, a revamp of a similar deal between the trade partners during his first term. Trump hasn't been directly involved in the negotiations and would need to sign off on any deal. The talks are being led by Commerce Secretary Howard Lutnick, according to the people, who asked not to be identified as the discussions are private. The people said the agreement hasn't been finalized. Under its current terms, it would allow U.S. buyers to import Mexican steel duty-free as long as they kept total shipments below a level based on historical trade volumes, according to the people. The new cap would be higher than what was allowed under a similar deal during Trump's first term, they said, which was never a fixed figure but designed to "prevent surges." The White House didn't immediately respond to a request for comment. Mexican President Claudia Sheinbaum's office also didn't respond to a request for comment. U.S. steel stocks moved lower in late trading after Bloomberg's report. Cleveland-Cliffs Inc. dropped more than 7%, and Nucor Corp. fell more than 4%. The Mexican peso trimmed losses. At an event on Tuesday, Mexican Economy Minister Marcelo Ebrard said he told U.S. officials in meetings last week that steel tariffs are not justified in Mexico's case because the U.S. sends more steel to Mexico than vice versa. Last Friday, he posted a picture that showed him shaking hands with a smiling Lutnick in Washington. "We are waiting for their response, because on Friday we gave them the details of Mexico's argument and we are right," Ebrard told reporters Tuesday. "So we are going to wait for their response which will probably be this very week." Trump last week announced he would double steel duties to 50% after saying he would approve the purchase of United States Steel Corp. by Japan's Nippon Steel Corp., a move he said would protect the domestic industry and national security. While domestic steelmakers welcome the move, end-users have urged the administration to ease the tariffs. The negotiations come as Sheinbaum seeks an accommodation with Trump over immigration and drug trafficking across their shared border, which the U.S. leader has demanded Mexico halt. Homeland Security Secretary Kristi Noem accused Sheinbaum Tuesday of "encouraging" more anti-deportation protests in Los Angeles, where the U.S. has deployed troops. Sheinbaum has called Noem's claim "absolutely false." The talks also come ahead of a Group of Seven leaders summit in Canada, where the two presidents are likely to meet. U.S. steel imports from Mexico totaled about 3.2 million metric tons last year, accounting for 12% of total shipments of the material according to Commerce Department data. A previous deal the U.S. reached with Mexico in 2019, during Trump's first term, agreed to prevent import volumes that exceeded average levels for the 2015-2017 period. -With assistance from Josh Wingrove and Alex Vasquez. (Updates with market activity in fifth paragraph) Copyright (C) 2025, Tribune Content Agency, LLC. Portions copyrighted by the respective providers.

Why Nucor Corp. (NUE) Skyrocketed On Monday
Why Nucor Corp. (NUE) Skyrocketed On Monday

Yahoo

time03-06-2025

  • Business
  • Yahoo

Why Nucor Corp. (NUE) Skyrocketed On Monday

We recently published a list of . In this article, we are going to take a look at where Nucor Corp. (NYSE:NUE) stands against other top-performing stocks on Monday. Nucor Corp. rallied by 10.10 percent on Monday to close at $120.40 apiece as investors snapped up shares following President Donald Trump's slapping of a 50-percent tariff on all steel and aluminum imports. On Friday, Trump said the new levies will take effect tomorrow, June 4, hours after accusing China of violating an agreement with the US to mutually reduce levies and trade restrictions for critical minerals. A close-up of a worker inspecting a galvanised sheet steel product in a well-lit warehouse. 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. Following the news, BMO Capital Markets raised its price target for Nucor Corp. (NYSE:NUE) to $145 from $140 previously and assigned the company an 'outperform' rating, an upgrade from the 'market perform' prior. Nucor Corp. (NYSE:NUE) is one of the largest steel companies in the US, and currently the 16th largest producer in the world. 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.

Why Nucor Corp. (NUE) Skyrocketed On Monday
Why Nucor Corp. (NUE) Skyrocketed On Monday

Yahoo

time03-06-2025

  • Business
  • Yahoo

Why Nucor Corp. (NUE) Skyrocketed On Monday

We recently published a list of . In this article, we are going to take a look at where Nucor Corp. (NYSE:NUE) stands against other top-performing stocks on Monday. Nucor Corp. rallied by 10.10 percent on Monday to close at $120.40 apiece as investors snapped up shares following President Donald Trump's slapping of a 50-percent tariff on all steel and aluminum imports. On Friday, Trump said the new levies will take effect tomorrow, June 4, hours after accusing China of violating an agreement with the US to mutually reduce levies and trade restrictions for critical minerals. A close-up of a worker inspecting a galvanised sheet steel product in a well-lit warehouse. 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. Following the news, BMO Capital Markets raised its price target for Nucor Corp. (NYSE:NUE) to $145 from $140 previously and assigned the company an 'outperform' rating, an upgrade from the 'market perform' prior. Nucor Corp. (NYSE:NUE) is one of the largest steel companies in the US, and currently the 16th largest producer in the world. 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

US steelmaker Nucor tops quarterly estimates on higher spot prices
US steelmaker Nucor tops quarterly estimates on higher spot prices

Yahoo

time28-04-2025

  • Business
  • Yahoo

US steelmaker Nucor tops quarterly estimates on higher spot prices

(Reuters) - U.S. steelmaker Nucor Corp beat analysts' estimates for first-quarter revenue and profit on Monday, helped by strength in its mills segment operations. The segment, which produces steel sheets, plates, bars and structural steel, reported a 10% rise in total shipments to 6.4 million tonnes. Steelmakers benefited from a rise in spot prices of hot-rolled coil (HRC), the most actively traded form of finished steel, following an uptick in domestic demand after President Donald Trump raised tariffs for steel and aluminum imports. This offset the impact from lower selling prices in Nucor's products segment and lower margins in its raw materials business. "We expect earnings in the second quarter of 2025 to increase compared to the first quarter of 2025," Nucor said. The company projected increases across all three of its operating segments, with the largest in the steel mills segment due to higher average selling prices at its sheet and plate mills. The Charlotte, North Carolina-based company reported quarterly adjusted profit of 77 cents per share, beating analysts' estimates of 64 cents, according to data compiled by LSEG. Total revenue was $7.83 billion, topping estimates of $7.23 billion. Sign in to access your portfolio

Nucor: Q1 Earnings Snapshot
Nucor: Q1 Earnings Snapshot

Washington Post

time28-04-2025

  • Business
  • Washington Post

Nucor: Q1 Earnings Snapshot

CHARLOTTE, N.C. — CHARLOTTE, N.C. — Nucor Corp. (NUE) on Monday reported first-quarter profit of $156 million. On a per-share basis, the Charlotte, North Carolina-based company said it had profit of 67 cents. Earnings, adjusted for asset impairment costs, were 77 cents per share. The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 68 cents per share.

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