Trump Love Can't Save Caterpillar or U.S. Steel From Slump
- Infrastructure bill may have to wait until 2018, Axios reports
- Metals from aluminum to zinc and iron ore also dipped Thursday
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Doting words from President Donald Trump about Caterpillar Inc.’s bulldozers and U.S. Steel Corp.’s pipeline prospects couldn’t save the two companies from a slump in material stocks Thursday.
Shares of the Peoria, Illinois-based machinery maker posted the biggest decline in five months while the Pittsburgh-based steelmaker lost as much as 10 percent and ended down 7.9 percent. A report emerged Thursday that a jammed congressional to-do list could push a massive U.S. infrastructure bill back to 2018, delaying new demand for raw materials and construction equipment.