WASHINGTON (Reuters) - U.S. Commerce Secretary Wilbur Ross said on Thursday that fluctuations in the share prices of U.S. steel companies were not important and the “real kicker” following the enactment of tariffs on steel imports would be in higher production.
“You really have to look at the longer term,” Ross said in an interview on CNBC when asked about the performance of steel stocks. “The real kicker is going to be increased volume,” he added.
The three major U.S. stock indexes closed higher on Thursday after U.S. President Donald Trump appeared to soften his stance on trade tariffs.
Reporting by Lesley Wroughton; Editing by Peter Cooney