Nucor Tubular Products (NTP), a major supplier in the steel tubing and structural products market, has announced a price adjustment affecting several of its product lines.
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On May 30, Donald Trump revealed that he is doubling his tariff on steel imports to 50% from 25%.
Read moreNucor posted a first-quarter net profit of nearly $2.1 billion in the first three months of the year, more than double its prior-year number
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Lower prices will likely take months to flow through supply chains, since many manufacturers purchase steel through fixed-price contracts.
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President Donald Trump on Monday said he would restore tariffs on U.S. steel and aluminum imports from Brazil and Argentina. He said the countries have been “presiding over a massive devaluation of their currencies, which is not good for our farmers.”
Read moreIron-ore prices posted their biggest one-month fall in almost eight years. The price fell 27 percent by the end of August, the most since October 2011.
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The price of iron ore, the main ingredient in steel, surged to its highest level in almost five years on
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