Steel stocks fall sharply after Trump announces 25% tariff on steel imported into the US

(Dan Tri) - Shares of leading steel companies in Vietnam all decreased, such as HPG, HSG, NKG. Of which, HPG had the highest liquidity in the market, trading more than 61 million shares.

At the end of today's trading session (February 10), steel industry stocks fell sharply. Of which, HPG shares of Hoa Phat Group - the industry leader - fell 4.69% to VND25,400/unit. Liquidity of this code also led the market with more than 61 million shares traded.

HSG shares of Hoa Sen Group also decreased by 4.52% to VND16,900/unit. Trading volume was over 13 million shares. This code was also the most net sold by foreign investors today, with a net selling value of over VND123 billion.

Some other steel industry codes also decreased sharply, such as SMC decreased by 6.8%, TVN decreased by 6.7%, TIS decreased by 5.7%, TLH decreased by 2.7%...

Steel industry stocks fell across the board in today's trading session (Source: SSI).

Notably, SMC shares of SMC Investment and Trading Joint Stock Company are likely to be subject to compulsory delisting. The reason is that the company lost nearly VND287 billion after tax in 2024, the third consecutive year of losses. According to regulations, a business can be subject to compulsory delisting if it suffers losses for three consecutive years or if the total accumulated losses exceed the equity in the most recent audited financial statements before the review period.

Therefore, the Ho Chi Minh City Stock Exchange (HoSE) has noted the possibility of mandatory delisting of SMC shares if the audited financial statements for 2024 continue to record losses. Currently, SMC shares are under control securities.

Steel stocks appeared to react immediately to the news that US President Donald Trump announced a 25% tariff on all steel and aluminum imported into the US. This tax is higher than the current import tax on metals into the US.

According to data from the government and the American Iron and Steel Institute, the largest sources of steel imports to the United States are Canada, Brazil and Mexico, followed by South Korea and Vietnam. Overall, Canada is the largest supplier of primary aluminum metal to the United States, accounting for 79% of total imports through November 2024. Mexico is also a major supplier of aluminum scrap and aluminum alloys to the United States.

In general, the stock market today witnessed a fiery red session. VN-Index decreased by 11.94 points, to 1,263.26 points. The VN30 index basket decreased by 9.92 points with 16 stocks decreasing, only 9 stocks increasing. Stocks that decreased sharply affecting VN-Index included FPT, HPG, MWG, HDB, VIC. On the contrary, stocks that pulled the market were mostly in the banking sector such as STB, MBB, ACB, TCB, EIB, NAB...

Source: https://dantri.com.vn/kinh-doanh/co-phieu-thep-giam-manh-sau-tin-ong-trump-se-ap-thue-25-thep-nhap-vao-my-20250210151644598.htm