Investment entities controlled by billionaire Carl Icahn shed one-third of their stakes in crane maker Manitowoc from Feb. 12 through Feb. 22, according to an SEC filing last week.
After the trades, Icahn owned 4.85 percent of the company, down from his previous stake of 7.5 percent.
Manitowoc shares dropped 4.8 percent on Feb. 16 after Commerce Sec. Wilbur Ross released "Steel and Aluminum 232" reports at noon that day, which recommended a global tariff of at least 24 percent on all steel imports.
The company's stock dropped another 6 percent on Thursday after President Donald Trump announced his plan to impose tariffs of 25 percent for steel and 10 percent for aluminum as early as next week.
Construction equipment makers like Manitowoc use steel in their manufacturing.
The investor also reduced his positions in Freeport-McMoRan and Xerox last month, according to filings. Icahn's office declined to comment.