Icahn Says Had No Knowledge of Tariff Before Selling Steel Stock

(Bloomberg) -- Carl Icahn had no knowledge of President Trump's plans to slap tariffs on steel imports when he sold down a major position in a company that would be hit by the toll, the billionaire investor said Wednesday.

In a statement posted to his website, Icahn said the sale of shares in Manitowoc Co. was for “legitimate investment reasons,” and had nothing to do with the tariff proposals, which were announced on March 1.

Icahn, 82, sold about $30 million of shares in the Manitowoc, Wisconsin-based cranemaker, which has a sizable exposure to U.S. steel imports, according to a regulatory filing. The transactions took place from Feb. 12 through Feb. 22, the filing showed.

“Any suggestion that we had prior knowledge of the Trump administration's announcement of new tariffs on steel imports is categorically untrue,” Icahn said Wednesday.

Trump has proposed slapping tariffs of 25 percent on imported steel and 10 percent on aluminum, though the plans are yet to be formalized.

Icahn disclosed a stake in Manitowoc in late 2014 and said at the time he may seek board representation at the company, calling its stock undervalued.

Shares of Manitowoc have lost almost 20 percent since Feb. 9, the last trading day before Icahn starting reducing his stake.

To contact the reporter on this story: Elizabeth Fournier in New York at efournier5@bloomberg.net.

To contact the editors responsible for this story: Aaron Kirchfeld at akirchfeld@bloomberg.net, Devin Banerjee

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