Excerpt from our Wall Street Breakfast, a one-page summary of this morning's key market-moving and stock-moving stories:
Summary: U.S. steel stocks jumped yesterday after Russia's Evraz Group SA agreed to buy Oregon Steel Mills Inc. (OS) for $2.3 billion. America's largest steelmaker, U.S. Steel Corp., saw shares rise to an intraday price $76.16, the highest in six months. The Standard & Poor's Supercomposite Steel Index of 14 companies rose 2.6%. The acquisition is the largest-ever of an American company by a Russian company, stoking speculation that other steel companies may be targets. U.S. Steel shares jumped 9.3% on Friday after Russia's Kommersant newspaper reported OAO Severstal, Russia's biggest steel producer, may be preparing a takeover bid.
Related links: Commentary: Cramer's Take on OS • U.S. Steel: Strong Prospects -- Barron's • Metals and Mining: Blast Off! • Steel Suppliers Facing Rising Inventories, Lower Demand.
Potentially impacted stocks and ETFs: Oregon Steel Mills (OS), United States Steel Corporation (NYSE:X) • Competitors: Nucor Corporation (NYSE:NUE), AK Steel Holding Corporation (NYSE:AKS) • ETFs: Market Vectors Steel ETF (NYSEARCA:SLX).
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