US Steel Stocks Fall on Speculation Over Import Tariff Deals (1)

Shares of several American steelmakers fell after the US and Mexico closed in on a deal to remove tariffs on some imports of the metal, prompting speculation that other nations could also get concessions.

Cleveland-Cliffs Inc. dropped 8% as of 9:34 a.m. in New York, while Nucor Corp. fell 6.1%, Steel Dynamics Inc. slid 4.3% and Commercial Metals Co. declined 4.2%.

The US and Mexico are near an accord to remove President Donald Trump’s 50% duties on steel imports up to a certain volume, Bloomberg reported Tuesday. While an agreement hasn’t been finalized, its current terms would allow US buyers ...