Mileage Psycho Posted July 31, 2018 Share Posted July 31, 2018 Well we have one industry winning Quote 'Happy with tariffs': Steel industry emerges as trade war winner by Matt Egan @MattEganCNNJuly 29, 2018: 7:18 AM ET 1. Blockbuster profits: The trade war has cast a shadow over parts of Corporate America, but it is bringing a bit of good fortune to the steel industry. President Donald Trump's metal tariffs have sent steel prices surging and sparked blockbuster profits for steel manufacturers. Reliance Steel & Aluminum (RS) hauled in record sales, thanks to an 18% spike in prices. Nucor(NUE) recorded the best second quarter in its history. Its profit more than doubled. "All in all, we're very happy with tariffs," Nucor CEO John Ferriola told analysts earlier this month. Those words haven't been uttered by many other corporate bosses, who are grappling with sticker shock. Tariffs levied by the United States and major trading partners are eating into the profits of Harley-Davidson (HOG), General Motors (GM), General Electric (GE), 3M (MMM) and hundreds of other companies. CEOs are scrambling to raise prices and reshuffle their supply chains. Unsurprisingly, steel companies are feasting on a price spike from Trump's 25% steel tariff. The benchmark price of US-made steel has zoomed 41% higher since the start of the year to $917 per short ton, according to S&P Global Platts. Tariffs aren't the only factor. Steel demand is strong in an economy that just clocked its fastest growth since 2014. Following the booming profits from Nucor and Reliance, US Steel (X) and AK Steel are scheduled to report results this week. Both steel makers are expected to reveal a jump in revenue, though not by as much as their rivals. That's because US Steel and AK Steel (AKS) are locked into annual contracts that have fixed pricing. Those contracts expire later this year, potentially allowing them to capitalize on the price hikes. Nucor is seizing on the momentum to plow $1 billion back into its business, a huge increase that will mostly go toward expansion. "What will happen to our great country if we continue to operate with a massive trade imbalance?" Ferriola asked. "We agree with the administration's efforts to address this issue." Of course, steel customers are less than thrilled. Material costs have risen by as much as 50% at FJM Ferro, a Brooklyn company that fabricates steel used in Manhattan skyscrapers. Steel companies may have record profits, but it does hurt the mom-and-pop shops," said Joe Casucci, FJM Ferro's founder and CEO. Even large companies are getting squeezed. GM slashed its profit outlook last week, warning of a $300 million jump in commodity costs linked to higher steel and aluminum costs. "You have to be careful with tariffs because there's always a cost," said Philip Gibbs, a steel analyst at KeyBanc Capital Markets. He pointed out that spiking US steel prices threaten to make American businesses less competitive. Some companies may eventually try to find other ways to get steel into the country. "It feels good in the short run as prices go up," Gibbs said. "But then all the customers complain." https://money.cnn.com/2018/07/29/investing/stocks-week-ahead-steel-tariffs-trade/index.html Quote Link to comment Share on other sites More sharing options...
Zambroski Posted July 31, 2018 Share Posted July 31, 2018 Poor Ben. This must be hard on him. Also, hard on CNN. Luckily, they filled the positives that they absolutely hated reporting with enough negative spin to keep their base happy. Or unhappy. Same. Nice find, Vince! Quote Link to comment Share on other sites More sharing options...
Mileage Psycho Posted July 31, 2018 Author Share Posted July 31, 2018 6 minutes ago, Zambroski said: Poor Ben. This must be hard on him. Also, hard on CNN. Luckily, they filled the positives that they absolutely hated reporting with enough negative spin to keep their base happy. Or unhappy. Same. Nice find, Vince! It's a narrow focus win for Trump. Quote Link to comment Share on other sites More sharing options...
Zambroski Posted July 31, 2018 Share Posted July 31, 2018 2 minutes ago, Mileage Psycho said: It's a narrow focus win for Trump. ”narrow focus win”. I like that! 1 Quote Link to comment Share on other sites More sharing options...
Mainecat Posted July 31, 2018 Share Posted July 31, 2018 41% increase in prices.....who wins? Quote Link to comment Share on other sites More sharing options...
ActionfigureJoe Posted July 31, 2018 Share Posted July 31, 2018 50 minutes ago, Mainecat said: 41% increase in prices.....who wins? Highlander guy says your wrong. His company is above it all. Which doesn’t surprise me. Quote Link to comment Share on other sites More sharing options...
Zambroski Posted July 31, 2018 Share Posted July 31, 2018 Idiots. "PRICES ARE UP 40%!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!" Quote Link to comment Share on other sites More sharing options...
Anler Posted July 31, 2018 Share Posted July 31, 2018 My peeps say if you are looking for a new car buy it now. Prices are going up sharply. Quote Link to comment Share on other sites More sharing options...
Gold Member BOHICA Posted July 31, 2018 Gold Member Share Posted July 31, 2018 Nucor putting a 1 billion $ into US expansion. Thank you Mr President! Quote Link to comment Share on other sites More sharing options...
f7ben Posted July 31, 2018 Share Posted July 31, 2018 1 minute ago, BOHICA said: Nucor putting a 1 billion $ into US expansion. Thank you Mr President! Same with Steel Dynamics....we plan to invest well over 2 billion from last year to next year Quote Link to comment Share on other sites More sharing options...
Kev144 Posted July 31, 2018 Share Posted July 31, 2018 3 minutes ago, BOHICA said: Nucor putting a 1 billion $ into US expansion. Thank you Mr President! And billions bailout for the farming industry. Thanks Mr trump! Quote Link to comment Share on other sites More sharing options...
Gold Member BOHICA Posted July 31, 2018 Gold Member Share Posted July 31, 2018 1 minute ago, Kev144 said: And billions bailout for the farming industry. Thanks Mr trump! I posted an article just the other day about farmers not losing cause of the tariffs.... but ya farmers are subsidized in the US.... everything from disaster reliefs, to CRP, to food stamp program... US government spends a lot on farmers for sure. But the steel expansion that is and will be going on will be a boost to America for sure. Quote Link to comment Share on other sites More sharing options...
Momorider Posted July 31, 2018 Share Posted July 31, 2018 1 minute ago, f7ben said: Same with Steel Dynamics....we plan to invest well over 2 billion from last year to next year Then you can seize the means of production and slaughter the bourgeoisie 1 Quote Link to comment Share on other sites More sharing options...
teamgreen02 Posted July 31, 2018 Share Posted July 31, 2018 All of our raw materials are up, transportation as well. Capacities across the board are maxed out in many industries. It is what happens when there is no investment leading up to rapid economic growth. Prices will fall as capacity catches up. For now, if you want it, companies will make you pay for it. Quote Link to comment Share on other sites More sharing options...
Mainecat Posted July 31, 2018 Share Posted July 31, 2018 Plumber friend said supplier warned of 30% increases. Trump is a loser businessman.....many times on the backs of taxpayers.....now he will put the country in bankruptcy Quote Link to comment Share on other sites More sharing options...
Momorider Posted July 31, 2018 Share Posted July 31, 2018 1 minute ago, Mainecat said: Plumber friend said supplier warned of 30% increases. Trump is a loser businessman.....many times on the backs of taxpayers.....now he will put the country in bankruptcy FAKENEWSMAINECUNT nobody is dumber Quote Link to comment Share on other sites More sharing options...
Angry ginger Posted July 31, 2018 Share Posted July 31, 2018 2 hours ago, Mainecat said: Plumber friend said supplier warned of 30% increases. Trump is a loser businessman.....many times on the backs of taxpayers.....now he will put the country in bankruptcy right cause this country hasn't been on the verge of bankruptcy until trump took office SMH trumps been terrible on spending but this trade war thing will either be the pinnacle of his presidency or put him out the door. I'm not going to bitch about it till it's over and we can see which side it falls on. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member SnowRider Posted July 31, 2018 Platinum Contributing Member Share Posted July 31, 2018 1 hour ago, Angry ginger said: right cause this country hasn't been on the verge of bankruptcy until trump took office SMH trumps been terrible on spending but this trade war thing will either be the pinnacle of his presidency or put him out the door. I'm not going to bitch about it till it's over and we can see which side it falls on. Whatever it takes to justify your vote Quote Link to comment Share on other sites More sharing options...
f7ben Posted July 31, 2018 Share Posted July 31, 2018 Just now, SnowRider said: Whatever it takes to justify your vote Obama was pathetic. Trump is better Quote Link to comment Share on other sites More sharing options...
Snake Posted July 31, 2018 Share Posted July 31, 2018 1 hour ago, SnowRider said: Whatever it takes to justify your vote Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member SnowRider Posted July 31, 2018 Platinum Contributing Member Share Posted July 31, 2018 7 minutes ago, Snake said: That’s a proven lie Quote Link to comment Share on other sites More sharing options...
Ez ryder Posted July 31, 2018 Share Posted July 31, 2018 10 hours ago, Mainecat said: 41% increase in prices.....who wins? the American worker Quote Link to comment Share on other sites More sharing options...
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