Ex-Trump adviser sells before steel tariff news hits stock

Posted Mar 04 2018 09:46AM PST

Updated Mar 04 2018 12:02PM PST

SAN FRANCISCO (AP) -- Billionaire investor Carl Icahn sold nearly 1 million shares of stock in a company tied to the steel industry leading up to President Donald Trump's decision to impose costly tariffs on steel and aluminum imported into the U.S.

Icahn also has ties to Trump; he was an unpaid adviser to the president before resigning last August.

MORE: President Trump to impose tariffs on imports of steel and aluminumWorld leaders push back against Trump's trade war threat

A recent regulatory filing disclosed Icahn sold $31.3 million worth of stock in crane manufacturer Manitowoc Co. last month. Manitowoc could be hurt by Trump's tariffs, a threat that caused the company's shares to drop by 9 percent to $26.93 since the president's announcement.

Icahn sold his Manitowoc stock at prices ranging from $32.47 to $34.31 from Feb. 12 to Feb. 22.

Icahn's office didn't immediately respond to a request for comment on Saturday.

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