This morning in metals news, Korean steelmaker POSCO posted its highest quarterly earnings in seven years, Caterpillar cites tariffs are part of the reason for its slide and a German metals distributor’s third-quarter earnings were boosted significantly by higher prices.
It was a strong quarter for South Korean steelmaker POSCO.
According to a Reuters report, in the third quarter the steelmaker posted its strongest quarterly earnings since 2011, powered by higher steel prices.
Caterpillar Continues Struggles
While tariffs have been good to some in the metals industry, manufacturers like Caterpillar have said the tariffs have negatively impacted them.
Caterpillar’s stock dropped 7.5% Tuesday, according to CNBC. The company announced a gloomier 2018 earnings guidance, weighed down by higher costs stemming from tariffs, per the report.
Kloeckner and Co. Posts Strong Quarter
Meanwhile, German metals distributor Kloeckner and Co. reported a strong quarter, during which its earnings jumped 25.5%, Reuters reported.