Steel stocks plummeted after news that Trump would impose a 25% tariff on steel imported into the US.

(Dan Tri Newspaper) - Shares of leading steel companies in Vietnam, such as HPG, HSG, and NKG, all declined. HPG had the highest trading volume on the market, with over 61 million shares traded.

At the close of trading today (February 10th), steel sector stocks fell sharply across the board. In particular, HPG shares of Hoa Phat Group – the industry leader – dropped 4.69% to 25,400 VND per unit. This stock also led the market in trading volume with over 61 million shares traded.

Hoa Sen Group 's HSG shares also fell 4.52% to 16,900 VND per unit. Trading volume exceeded 13 million shares. This stock was also the most heavily sold by foreign investors today, with a net selling value of over 123 billion VND.

Several other steel sector stocks also experienced sharp declines, such as SMC down 6.8%, TVN down 6.7%, TIS down 5.7%, TLH down 2.7%, etc.

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

Notably, SMC shares of SMC Investment and Trading Joint Stock Company are at risk of mandatory delisting. The reason is that the company incurred a net loss of nearly VND 287 billion in 2024, marking its third consecutive year of losses. According to regulations, a company may be subject to mandatory delisting if it incurs losses for three consecutive years or if its total accumulated losses exceed its equity in the most recent audited financial statements prior to the review.

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

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

According to data from the U.S. government and the Iron and Steel Institute, the largest sources of U.S. steel imports are Canada, Brazil, and Mexico, followed by South Korea and Vietnam. Overall, Canada is the largest supplier of primary aluminum to the U.S., accounting for 79% of total imports in the first 11 months of 2024. Mexico is also a major supplier of aluminum scrap and aluminum alloys to the U.S.

Overall, the stock market witnessed a sharp decline today. The VN-Index fell 11.94 points to 1,263.26 points. The VN30 index basket decreased by 9.92 points, with 16 stocks falling and only 9 rising. Stocks that significantly impacted the VN-Index included FPT, HPG, MWG, HDB, and VIC. Conversely, the stocks that pulled the market up were mostly in the banking sector, such as STB, MBB, ACB, TCB, EIB, and 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