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Kinder Morgan, AK Steel Tumble into Wednesday’s 52-Week Low Club
Russian tycoon Mordashov set to sell 2.1 pct of Severstal
Alexei Mordashov, the majority owner of Severstal is planning to sell a 2.1 percent stake in the Russian steel firm, Goldman Sachs (GS) said on Wednesday. Goldman Sachs (GS), which is acting as bookrunner on the accelerated bookbuild, said in a statement that it was offering 18 million Severstal shares it had acquired from a company connected to Mordashov.
Japan standards inspectors search Kobe Steel over faked data
Japan's industrial standards inspection agency has searched offices of metals maker Kobe Steel as investigations into falsified data on its products widen.
Toyota, other Japanese carmakers say hoods containing Kobe Steel aluminum are safe
TOKYO (Reuters) - Three Japanese automakers on Thursday confirmed the safety of aluminum components made by Kobe Steel Ltd, allaying some concerns that Kobe's falsified quality data had compromised the safety of the products.
Canadian steel maker Stelco faces headwinds for planned IPO
VANCOUVER, Oct 18 (Reuters) - Canadian steel maker Stelco
Holdings Inc's planned IPO could be a tough sell as it faces the
twin headwinds of slowing North American auto sales and the
uncertain impact of trade talks, even as it looks to cash in on
a rebound in steel prices.
Kobe Steel to hold bidding for real estate unit on Friday: Bloomberg
Japanese steelmaker Kobe Steel Ltd (KBSTF) , embroiled in a data falsification scandal that has roiled global supply chains, will hold a first round of bidding on Friday in the planned sale of a real estate unit, Bloomberg News reported on Wednesday.
BRIEF-AK Steel - Will implement electrode surcharge for all stainless product shipments effective Oct 29
* AK Steel Holding - will implement electrode surcharge for
all stainless product shipments effective October 29, 2017
U.S. Steel's stock drops, as steel prices poised to fall after Trump attack on imports
Shares of U.S. Steel Corp. sank 3.8% in morning trade Friday toward a one-month low, after Cowen & Co. downgraded the steelmaker, citing the belief that steel and iron ore prices were poised to move lower. Analyst Novid Rassouli cut his rating to underperform from market perform, and lowered his price target to $20 from $24. Ironically, Rassouli said the Section 232 investigation into the effects of steel imports on U.S. national security authorized by President Trump has caused imports to rise to record levels as importers rushed in product prior to any action, which should put pressure on hot-rolled coil steel prices. "The material exposure to spot prices makes us cautious on shares of U.S. Steel as we enter a period where we expect prices to move lower in the next few month," Rassouli wrote in a note to clients. U.S. Steel's stock has now tumbled 22% since April 20, when Trump signed a presidential memorandum to prioritize the Section 232 investigations, while the S&P 500 has gained 6.2% over the same time.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Nucor's stock falls after profit warning
Nucor Corp.'s stock dropped 1.0% in premarket trade Friday, after the steel maker lowered its profit outlook for the third quarter, citing continued import pressure and unplanned outages, as well as "tepid" demand in plate end use markets. The company expects earnings per share for the current quarter of 70 cents to 80 cents, down from $1.00 in the second quarter and below previous guidance that EPS was expected to be "similar" to the first half of the year. The FactSet EPS consensus was $1.04. Nucor said finished steel imports, which accounts for about a 28% share of the U.S. market, has not allowed pricing to keep pace with increasing raw material costs. The company said Nucor Steel Louisiana experienced an unplanned production halt in late July to make repairs to its materials handling systems, and isn't expected to resume operation until early October. The stock had shed 1.2% over the past three months, while the S&P 500 had gained 2.6%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Weak Dollar Remains Huge for Steel Stocks: 4 to Buy Now
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