By Svea Herbst-Bayliss and Arunima Banerjee
March 7 (Reuters) - Carl Icahn, the billionaire investor whobriefly served as an unpaid adviser to President Donald Trump,said on Wednesday he did not know about the administration'splans to impose stiff tariffs on steel and aluminum beforecutting his holding in a company that might be hurt by the move.
Icahn said in a statement on his website that he reduced hisposition in crane maker Manitowoc Co Inc for "legitimateinvestment reasons http://bit.ly/2Hbuo4z" and dismissed anyspeculation that his sale of shares was prompted by knowledgeabout Trump's plans.
Icahn in a regulatory filing on Feb. 22 said he sold roughlyone third of his stake in Manitowoc, which uses steel to makeits equipment, between Feb. 12 and Feb. 22, reducing his holdingto 4.85 percent.
On March 1, Trump said he would impose 25 percent tariffs onsteel imports and 10 percent on imported aluminum to makedomestic production more attractive. The announcement weighed oncertain stocks including Manitowoc, whose shares have fallen 4.4percent since the announcement, through the market close onTuesday.
"Any suggestion that we had prior knowledge of the Trumpadministration’s announcement of new tariffs on steel imports iscategorically untrue," Icahn said in a three-line statement.
Manitowoc's shares had been falling steadily since Jan. 26and are down 27.8 percent since the start of 2018.
Icahn first invested in Manitowoc in 2014 and said in aregulatory filing that the shares were undervalued.
Trump plans to formally announce the tariffs as soon asThursday.
Icahn, who has been friendly with Trump for decades, servedas a sounding board for Trump and was instrumental in vettingpeople for key positions before Trump was inaugurated in 2017.
Icahn ended his stint as an unpaid adviser in August. InNovember the 82-year old investor was subpoenaed by the
Icahn's dual role as a presidential adviser and an investorwith interests in multiple industries raised eyebrows withDemocratic lawmakers and government watchdogs.(Reporting by Svea Herbst-Bayliss in