White House issues proclamations on adjusting U.S. imports of steel, aluminum

The White House issued a pair of proclamations on adjusting U.S. imports of steel and aluminum. The proclamation on steel states in part: “Clause 2 of Proclamation 9705, as amended, is revised to read as follows: ‘(2)(a) In order to establish certain modifications to the duty rate on imports of steel articles, subchapter III of chapter 99 of the HTSUS is modified as provided in the Annex to this proclamation and any subsequent proclamations regarding such steel articles. (b) Except as otherwise provided in this proclamation, or in notices published pursuant to clause 3 of this proclamation, all steel articles imports covered by heading 9903.80.01, in subchapter III of chapter 99 of the HTSUS, shall be subject to an additional 25 percent ad valorem rate of duty with respect to goods entered for consumption, or withdrawn from warehouse for consumption.'” The proclamation on aluminum states in part: “Clause 2 of Proclamation 9704, as amended, is further amended in the second sentence by deleting ‘and’ before ‘(j)’ and inserting before the period at the end: ‘, and (k) on or after 12:01 a.m. eastern standard time on March 10, 2023, from all countries except Argentina, Australia, Canada, Mexico, and from the member countries of the European Union through 11:59 p.m. eastern standard time on December 31, 2025, from the United Kingdom, for aluminum articles covered by headings 9903.85.25 through 9903.85.44, inclusive, and from Russia.” Publicly traded companies in the steelmaking and aluminum products space include AK Steel (AKS), ArcelorMittal (MT), Cleveland-Cliffs (CLF), Nucor (NUE), Steel Dynamics (STLD), TimkenSteel (TMST), U.S. Steel (X) and Alcoa (AA).