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AK Steel Holding Corporation latest news:
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
Russia's TMK says stronger U.S. sales to propel H2 earnings
TMK, Russia's largest maker of steel pipes for the oil and gas industry, said on Friday its first-half core earnings, or EBITDA, rose 2 percent year on year and would rise further in the second half due to stronger sales in the United States.
Nikkei falls on weak financials but steel shares hit 5-month high
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Why AK Steel Might Be Tuesday’s Best Earnings Report
Steel company stocks rally on reports Trump would consider quotas and tariffs on imports
Shares of steel companies spiked in afternoon trading on Thursday, after President Donald Trump reportedly said he would consider quotas and tariffs on steel imports into the United States. AK Steel Holding Corp. spiked 7.6%, sharply extending a gain it had had prior to the report. United States Steel Corp. gained 4.6%, while Nucor Corp. was up 2.5%. The VanEck Vectors Steel ETF , which has a heavy weighting toward foreign steel companies, was 0.5% higher. Despite the gains on the day, both U.S. Steel and AK Steel are down sharply for 2017, dropping more than 25%. In the broader market, the Dow Jones Industrial Average rose 0.1%, while both the S&P 500 and the Nasdaq Composite Index were up 0.2%.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.
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