Australian "Super Tax" Slams Materials (FCX, X, AA, RTP)

Stocks in the metals and mining sector are getting slammed today after Australia announced it was planning to impose a "super-tax" on resource companies' profits. The 40 percent tax would begin in 2012 and raise $11 billion in its first two years.

Citigroup mining analyst Craig Sainsbury said the tax was a "worst-case scenario." He said mining companies would be taxed about 58 cents for every dollar in earnings, compared with 35 cents now.

Stocks in the materials sector are selling off hard on this news today. Here are how some key names are faring:

Freeport-McMoRan (NYSE: FCX) is down $3.18, or 4.21%, to $72.35.

U.S. Steel (NYSE: X) is down $1.77, or 3.24%, to $52.89.

Alcoa (NYSE: AA) is down 36 cents, or 2.64%, to $13.08.

Rio Tinto (NYSE: RTP) is down $2.74, or 5.39%, to $48.12.