US-Canada Tariff Relief Talks Could Ease Steel Duties Before Nov. 3
CLF sits 73% above its 52-week low of $7.73.
Summary
Washington and Ottawa are negotiating relief from Section 232 duties, including the tariff of up to 50% on Canadian steel and 25% on autos, with one source saying a deal is possible before the November 3 elections. That matters directly for Cleveland-Cliffs, which has been cutting Canadian capacity because of those duties: it is idling cold-rolled and coated operations at Hamilton, Ontario, and its Stelco unit told the Canadian government it would proceed with up to 500 layoffs in Hamilton and Nanticoke. Canada's Industry Minister has also warned the company could face penalties or a forced sale of its Canadian assets. Relief on steel tariffs would remove part of the pressure behind those moves, though US officials reportedly want further Canadian concessions and nothing is signed. Watch whether an agreement lands before the November 3 elections.
At the time of this announcement, CLF was trading at $13.41 on NYSE in the Manufacturing sector, with a market capitalization of approximately $7.6B. The 52-week trading range was $7.73 to $15.35. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Seeking Alpha.