The long-awaited Section 232 decision by President Trump was announced over the weekend.
The petition was filed by Ur-Energy and Energy Fuels and was meant to seek relief for U.S.-based uranium miners.
Most analysts expected some form of relief in the form of purchase quotas that would help revitalize U.S. uranium production.
The President stated that he does not concur with the DoC conclusion that uranium imports "threaten to impair national security."
As always, the details matter.
Trump does believe that the United States' uranium industry faces significant challenges in producing uranium domestically and that this is an issue of national security.
Trump agreed that the DoC's findings "raise significant concerns regarding the impact of uranium imports on the national security with respect to domestic mining," and ordered the "fuller analysis of national security considerations with respect to the entire nuclear fuel supply chain."
The decision went on to highlight that further examination of the entire nuclear fuel supply chain is required.
Trump has ordered a new 90-day review by a group of Federal agencies - The Nuclear Fuel Working Group.
This group will be chaired by U.S. National Security Advisor John Bolton and U.S. National Economic Council Director Larry Kudlow. It will "develop recommendations for reviving and expanding domestic nuclear fuel production."
The group is tasked with ensuring a complete review and reinvigoration of the United States' nuclear fuel supply chain, consistent with the United States' national security and nonproliferation goals.
While the decision was not the catalyst that many hoped for, it does provide clarity to the utilities and it is not a coincidence that the uranium spot price is up on the news.
The decision was highly anticipated because of the clarity it would provide moving forward.