I'm sure this was a coincidence.....

[SadButTrue]

A week before President Trump announced his intention to impose a 25 percent tariff on steel imports, his longtime confidant and one-time adviser Carl Icahn had already cut almost 1 million shares of Wisconsin-based crane manufacturer Manitowoc Company Inc., ThinkProgress reports. The timing of Icahn's $31.3 million dump is suspect, because Manitowoc is a heavily steel-dependent company.

"Commerce Secretary Wilbur Ross publicly released a report on Feb. 16 calling for a 24 percent tariff," notes ThinkProgress. "But, as the chart in the [Securities and Exchange Commission] filing indicates, Icahn started selling his Manitowoc stock on Feb. 12, prior to the public release of that report." Icahn made the SEC filing on Feb. 22.

At the time Icahn began selling off the Manitowoc stock, it was worth $32 to $34 per share. "Although the stock's up 22.4 percent in the last year, shares are down 19.5 percent over the last month," wrote Seeking Alpha in an article pondering "Why Carl Icahn Just Cut His Manitowoc Stake by 33 Percent," published Feb. 28. For comparison, after Trump's tariff announcement, Manitowoc stock was trading Friday afternoon around $26 or $27 per share.

 

[liberator74]

Th

A week before President Trump announced his intention to impose a 25 percent tariff on steel imports, his longtime confidant and one-time adviser Carl Icahn had already cut almost 1 million shares of Wisconsin-based crane manufacturer Manitowoc Company Inc., ThinkProgress reports. The timing of Icahn's $31.3 million dump is suspect, because Manitowoc is a heavily steel-dependent company.

"Commerce Secretary Wilbur Ross publicly released a report on Feb. 16 calling for a 24 percent tariff," notes ThinkProgress. "But, as the chart in the [Securities and Exchange Commission] filing indicates, Icahn started selling his Manitowoc stock on Feb. 12, prior to the public release of that report." Icahn made the SEC filing on Feb. 22.

At the time Icahn began selling off the Manitowoc stock, it was worth $32 to $34 per share. "Although the stock's up 22.4 percent in the last year, shares are down 19.5 percent over the last month," wrote Seeking Alpha in an article pondering "Why Carl Icahn Just Cut His Manitowoc Stake by 33 Percent," published Feb. 28. For comparison, after Trump's tariff announcement, Manitowoc stock was trading Friday afternoon around $26 or $27 per share.

That's all just stupid. Steel is a worldwide commodity, our products are built with heavy structural steel. It doesn't really matter if steel goes up 25% because it goes up for our competitors as well.

The strength of the dollar right now is hurting our companies sales more than anything. When our European friends devalued the Euro they basically put a tariff on all products from the USA so they don't have any room to bitch

 

[millerbleach]

The tariff isn't needed unless the US mills are truly on the verge of closing. Last year was a banner year for steel mills though. There really is no reason to do this. I understand the trade deals problems but not this.

 

[liberator74]

I

The tariff isn't needed unless the US mills are truly on the verge of closing. Last year was a banner year for steel mills though. There really is no reason to do this. I understand the trade deals problems but not this.

I sure ain't an international trade expert but last year we paid almos 10% less for steel than we did 5 years ago. It's very good for our bottom line but that's not right

 

[SadButTrue]

Th


That's all just stupid. Steel is a worldwide commodity, our products are built with heavy structural steel. It doesn't really matter if steel goes up 25% because it goes up for our competitors as well.

The strength of the dollar right now is hurting our companies sales more than anything. When our European friends devalued the Euro they basically put a tariff on all products from the USA so they don't have any room to bitch

Language=Reported

 

[3Rfan]

Th


That's all just stupid. Steel is a worldwide commodity, our products are built with heavy structural steel. It doesn't really matter if steel goes up 25% because it goes up for our competitors as well.

The strength of the dollar right now is hurting our companies sales more than anything. When our European friends devalued the Euro they basically put a tariff on all products from the USA so they don't have any room to bitch

Why would it go up for our competitors if the tariff is for goods coming to the U.S.?

 

[Veer2Eternity]

A week before President Trump announced his intention to impose a 25 percent tariff on steel imports, his longtime confidant and one-time adviser Carl Icahn had already cut almost 1 million shares of Wisconsin-based crane manufacturer Manitowoc Company Inc., ThinkProgress reports. The timing of Icahn's $31.3 million dump is suspect, because Manitowoc is a heavily steel-dependent company.

"Commerce Secretary Wilbur Ross publicly released a report on Feb. 16 calling for a 24 percent tariff," notes ThinkProgress. "But, as the chart in the [Securities and Exchange Commission] filing indicates, Icahn started selling his Manitowoc stock on Feb. 12, prior to the public release of that report." Icahn made the SEC filing on Feb. 22.

At the time Icahn began selling off the Manitowoc stock, it was worth $32 to $34 per share. "Although the stock's up 22.4 percent in the last year, shares are down 19.5 percent over the last month," wrote Seeking Alpha in an article pondering "Why Carl Icahn Just Cut His Manitowoc Stake by 33 Percent," published Feb. 28. For comparison, after Trump's tariff announcement, Manitowoc stock was trading Friday afternoon around $26 or $27 per share.

Soon as the PA election is over this will fade away. The trumpettes keep falling for it.

 

[outsideveer89]

Why would it go up for our competitors if the tariff is for goods coming to the U.S.?

Sorry I meant our specific company. There are almost zero imports to have to fight in our heavy duty lines that use a lot of steel. All of our competition is right here in the USA so we will all be absorbing the same cost increase for steel, nobody should have a competitive advantage

LIke I said the Europeans devalued the Euro and that's basically making all USA products much more expensive in their countries, We should slap about a 10% tariff on everything coming from Europe to make up for it

 

[wccards21]

Sorry I meant our specific company. There are almost zero imports to have to fight in our heavy duty lines that use a lot of steel. All of our competition is right here in the USA so we will all be absorbing the same cost increase for steel, nobody should have a competitive advantage

LIke I said the Europeans devalued the Euro and that's basically making all USA products much more expensive in their countries, We should slap about a 10% tariff on everything coming from Europe to make up for it

Lmfao

So here is the next Fan account. Who wants to put money down? Over/ Under 5.5 other accounts

 

[Neutron Monster]

I

I sure ain't an international trade expert but last year we paid almos 10% less for steel than we did 5 years ago. It's very good for our bottom line but that's not right

How do you know the price was magically right five years ago? That's a meaningless way to judge this.

 

[Neutron Monster]

Why would it go up for our competitors if the tariff is for goods coming to the U.S.?

Yeah, it isn't 25% more if you build it in Mexico.

Tariffs on completed goods generally make more sense than tariffs on inputs if your goal is to support domestic production.

 

[bullitpdq68]

What I don't understand is why can't American steel compete with foreign steel?
We import more steel from Canada whose wages and over cost to produce steel should be the same as America! so why can't American steel compete it is clear Canada can.

 

[Neutron Monster]

What I don't understand is why can't American steel compete with foreign steel?
We import more steel from Canada whose wages and over cost to produce steel should be the same as America! so why can't American steel compete it is clear Canada can.

Yeah, Canada probably isn't winning tremendously on cost, on environmental regulations, etc.

Not all steel is the same - it's quite possible each place specializes in different products. You'd have to look at what US exports of steel are to Canada as well to understand if this is meaningful.

Canada also is really close to some of the traditional manufacturing heartland of the US. It may well be cheaper to make steel in Ontario and ship it to Michigan than it is to make it in Alabama and ship it up.

 

[bullitpdq68]

Yeah, Canada probably isn't winning tremendously on cost, on environmental regulations, etc.

Not all steel is the same - it's quite possible each place specializes in different products. You'd have to look at what US exports of steel are to Canada as well to understand if this is meaningful.

Canada also is really close to some of the traditional manufacturing heartland of the US. It may well be cheaper to make steel in Ontario and ship it to Michigan than it is to make it in Alabama and ship it up.

Neutron, here are some more numbers on it.

https://www.trade.gov/steel/countries/pdfs/2017/q3/exports-us.pdf

 

[Neutron Monster]

Neutron, here are some more numbers on it.

https://www.trade.gov/steel/countries/pdfs/2017/q3/exports-us.pdf

It shows the integrated NAFTA supply chain pretty well. Amazing that 89% of the exports go to Canada and Mexico.

 

[3Rfan]

It shows the integrated NAFTA supply chain pretty well. Amazing that 89% of the exports go to Canada and Mexico.

I haven't figured out why the tariff on steel is 25% when only import 30% of steel and it's 10% on aluminum which we import 90% of according to any numbers I've heard. Not to mention Trump growls about China all the time and we only get about 3% of our steel from there. I'd bet the loss of steel workers jobs is due more to technology that has improved the way they do things than the amount of steel we import.

 

[Neutron Monster]

I haven't figured out why the tariff on steel is 25% when only import 30% of steel and it's 10% on aluminum which we import 90% of according to any numbers I've heard. Not to mention Trump growls about China all the time and we only get about 3% of our steel from there. I'd bet the loss of steel workers jobs is due more to technology that has improved the way they do things than the amount of steel we import.

If you really wanted to strengthen the American steel industry and other manufacturers, you'd put tariffs on imported products that use a lot of foreign steel

And yes, the US has become tremendously more efficient at making steel over the last few decades, but it's also that steel use in within the US has not risen with population growth.

It's probably also that some products that use steel are now made overseas, though, not just technological efficiency. If your dryer is made in China...the steel probably was, too.

 

[Duck_walk]

If you are serious about a tariff, you have studies done so you know the expected effect if has on every industry and the economy overall. Your entire staff and associated departments are on board and can defend specifics of your proposal.

Its not something you throw out there because you are desperate to change the narrative in any way possible.

Why is it taking Mueller so long? Because he is astonished at the amount of corruption, conspiracy, collusion and criminal activity he has uncovered.

 

[sbdude]

All these conspiracy theories conveniently leave out the fact that Manitowoc had released figures after the bell on Thursday that were not good. Icahn started selling on Monday.

https://realmoney.thestreet.com/art...6.1754790735.1520123395-2089633355.1520123394
Who would think it? I don't know Carl Icahn. I honestly have no idea if anything is being implied by those initiating this story, but it should be noted that even after this sale, Icahn remains the firm's fifth largest shareholder with a 4.8% stake. On top of that, as a trader and investor, there is certainly ample justification for a holder of this firm's shares to have made a sale when Icahn did. I'll explain.

The firm reported Q4 earnings after the closing bell on February 8th, which was a Thursday night. The firm beat expectations for revenue, but badly missed (ten cents) projections for earnings per share. The next day, Friday... February 9th, the stock was wildly volatile. The name opened higher, and then traded in range that spanned $6.61 on extremely high volume. Within that range was a 17% drop from top to bottom that took less than two and a half hours to complete.

Carl Icahn started reducing his exposure to this name on the following Monday, which was the twelfth. I think as a trader, that those earnings, and the stock's subsequent highly volatile behavior might be enough to make many traders take something off of the table. By February 16th, after the recommendations were made public by the Commerce Department, the stock would break a key technical level to the downside, and at that point would just keep on going. The fact remains, that Icahn remains a large shareholder, and that his sale came to nearly one million shares.

Like I said, I know nothing, but it is easy to see a fundamentally sound reason for any investor to have made these sales when they were made without access to any non-public information.