Kumba and Assore shares tumble as JSE reacts to Trump’s move on steel and aluminium tariffs
Kumba Iron Ore fell 8.25% to R278 and Assore fell 2.93% to R315 after the JSE opened on Friday morning and reacted to the steel and aluminium tariffs announced by President Donald Trump on Thursday.
China is a major customer of Kumba’s output.
Hulamin, an aluminium product fabricator whose customers include US car maker Tesla, surprisingly rose 3.13% to R4.95 even though SA did not make the list of US allies exempted from the tariffs.
JSE-listed vehicle parts maker Metair’s share price fell 1.52% to R22.65.
But ArcelorMittal SA remained untraded at R2.62 by 9.30am, as did Argent Industries, which fabricates various products including car parts out of steel.
On Thursday, the Trump administration said it would temporarily exempt the EU, Canada, Mexico, Argentina, Australia, Brazil and South Korea from the tariffs.
Notably absent from the list was Japan, sending the Nikkei 225 index crashing 4.5% on Friday morning.