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Holly LaFon
Holly LaFon
Articles (9202)  | Author's Website |

Carl Icahn Denies He Knew About Steel Tariffs Before Dumping Manitowoc

Icahn issues statement

March 07, 2018 | About:

On Wednesday, Carl Icahn (Trades, Portfolio) rejected speculation that he sold more than one-third of his stake in Manitowoc (NYSE:MTW), a company sensitive to steel prices, before the Trump administration raised the possibility of imposing steel tariffs.

“We don’t generally comment on rumors, but the recent media speculation regarding our sale of Manitowoc stock calls for a response. We state for the record: Any suggestion that we had prior knowledge of the Trump administration’s announcement of new tariffs on steel imports is categorically untrue. We reduced our position in Manitowoc for legitimate investment reasons having nothing to do with that announcement.”

Icahn decreased the position by 939,381 shares, or 35.5%, on Feb 12, according to a filing dated Feb. 22. The resulting stake of 1,706,276 shares reduced his ownership to 4.85% from 7.48% of the company.

Several days later, Commerce Secretary Wilbur Ross (Trades, Portfolio) released the report that recommended steel tariffs of at least 24%. The story was first reported by Think Progress, which highlighted the social connection between Trump and Icahn.

The company, which makes cranes and foodservice equipment, saw its stock price plunge 29% year to date, making it Icahn's second-worst performer.

See Carl Icahn (Trades, Portfolio)'s buys and sells at his portfolio here.

About the author:

Holly LaFon
I'm a financial journalist with a master of science in journalism from Medill at Northwestern University.

Visit Holly LaFon's Website


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