- The U.S. Commerce Department says steel imports rose 23% in January from December, and Axiom Capital thinks that means steel prices likely will begin to fall, taking US Steel (X -1.7%) and AK Steel (AKS -3.1%) down with them.
- U.S. steel prices, now at significant premiums to global steel prices, "are likely in the beginning innings of a MAJOR CORRECTION LOWER," Axiom says, adding that it would be pressing shorts in US Steel and AK Steel given their exposure to prices and fixed cost structures vs. their non-integrated peers, plus massive pension liabilities.
US Steel, AK Steel to slide as imports push prices down, Axiom says
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Symbol | Last Price | % Chg |
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X | - | - |
United States Steel Corporation |