This morning in metals news, U.S. Steel reported its Q2 earnings, Century Aluminum also posted its Q2 earnings and China is preparing $60 billion in retaliatory tariffs against the U.S.
U.S. Steel Posts Strong Q2, But Stock Drops
U.S. Steel reported better-than-expected Q2 net earnings of $214 million, albeit down from $262 million in Q2 2017.
The firm increased its 2018 full-year EBITDA guidance to $1.85-$1.90 billion.
Meanwhile, the company’s stock price dropped more than 8% Thursday on the New York Stock Exchange.
Century Aluminum’s Adjusted EBITDA Up to $54.5M
Century Aluminum reported net income of $19.4 million in Q2 2018, up from a net loss of $0.3 million in Q1 2018.
EBITDA hit $54.5 million, up from $32.7 million in Q1.
China Prepares to Strike Back With Retaliatory Tariffs
In response to the U.S. announcement regarding an increase of the tariff rate on $200 billion worth of Chinese imports (from a previously announced 10% to 25%), China has announced it has prepared tariffs on approximately $60 billion worth of U.S. goods, according to a statement from China’s Ministry of Commerce.
“China decided to impose additional tariffs of four different rates on about 60 billion U.S. dollars worth of products imported from the United States, a spokesperson of the Ministry of Commerce said Friday,” the release states. “The decision was made in response to U.S. plan to raise tariffs to be imposed on 200 billion dollars of Chinese goods from 10 percent to 25 percent.”
According to a report by the state-run Xinhua News Agency, the tariff rates with be 5%, 10%, 20% and 25%, and will cover 5,207 items imported from the U.S.