Steel stocks pare gains as Trump administration now says no tariffs announcement Thursday

Steel rolls at the US Steel Works in Gary Indiana.

Steel and aluminum stocks rose Thursday before an expected tariffs announcement from President Donald Trump.

Shares of U.S. Steel jumped 4.6 percent before the bell while AK Steel surged nearly 7 percent. Century Aluminum and Steel Dynamics rose 4.2 percent and 1.2 percent, respectively.

A White House official said Trump will announce tariffs at a meeting Thursday. This comes after CNBC learned that executives from top U.S. steel and aluminum companies had been invited to the White House for an emergency meeting on Thursday.

The White House has been working on implementing tariffs on metals imports since last year. In June, Axios reported Trump was “hell-bent” on imposing tariffs on steel and other imports.

On Thursday, Trump reiterated his desire for changes to U.S. trade in the steel and aluminum industries, tweeting the industries “have been decimated by decades of unfair trade and bad policy with countries from around the world.”

Among the recommendations from the Commerce Department’s Section 232 investigation completed earlier this month was a 24 percent global tariff on steel imports.