This morning in metals news, Nucor CEO John Ferriola weighed in on President Trump’s tariffs proposal, embattled Kobe Steel admits that its data fraud traces back more than five decades and Shanghai zinc has a tough day.
‘How They Treat Us’
As the world waits for this week’s expected implementation of the tariffs proposal announced by President Trump last week, Nucor CEO John Ferriola indicated the tariffs were only fair.
In an interview Monday on CNBC’s “Mad Money” program, Ferriola pushed back at the idea that the tariffs might be seen as unfair.
“I struggle with that concept,” Ferriola said. “Please bear in mind that particularly the European Union, but most countries in the world, have a 25 percent or greater VAT, value-added tax, on products going into their countries from the United States. So if we impose a 25 percent tariff, all we are doing is treating them exactly as they treat us.”
Kobe Steel Scandal Stretches Back
The hits keep coming for Kobe Steel, which last year became embroiled in the revelations of the company’s data falsification. According to a Reuters report, however, the falsification stretches back far longer than previously thought.
The company admitted the fraud had been going on for more than five decades, according to the report.
Kobe Steel CEO Hiroya Kawasaki has resigned, according to the report.
Shanghai Zinc Struggles
Shanghai zinc futures fell more than 2% today, according to Reuters, marking the metal’s worst day since December.
According to the report, the most-traded April zinc contract on the Shanghai Futures Exchange dropped 2.1% to $4,011 per ton.