Carl Icahn sold $31.3m of shares in a company dependent on steel imports days before the commerce department mooted stiff tariffs on importsCarl Icahn, a former special adviser to Donald Trump, sold $31.3m of shares in a company heavily dependent on steel imports last week, shortly before Trump’s announcement of new tariffs sent its shares plummeting. On Thursday Trump said he would press ahead with the commerce department’s plans to levy 25% tariffs on imports of steel and 10% on aluminium. The fall was in line with drops seen by other companies dependent on cheap steel imports, including Boeing and Caterpillar. Icahn, who has a fortune of $16.9bn according to Forbes, sold 1m shares in Manitowoc, according to the filing with the Securities and Exchange Commission. The value of the shares he sold has since dropped by around $6m.

Source: The Guardian March 02, 2018 17:39 UTC