Steel stocks gain as ArcelorMittal price hike outweighs Nucor guidance


Steel stocks are higher despite Nucor's (NUE +0.8%) disappointing guidance, which apparently was more than offset by price increases at ArcelorMittal (MT +1.3%) as mills try to stem the downtrend in prices during the past two months.

Nomura lowers its Q1 earnings estimates for steel stocks ahead of mid-quarter updates from NUE, mini-mill peer Steel Dynamics (STLD +1.5%) and AK Steel (AKS +6%), which are expected within the coming week, but the firm continues to positively view stock performance in the sector going forward.

Also: X +5.3%, TX +3.1%, SCHN +2.4%, CMC +2.1%, GGB +1.8%, RS +1.8%.

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Comments (4)
  • toolpusher
    , contributor
    Comments (44) | Send Message
     
    Since when did a price increase announcement insure that prices actually will increase?
    18 Mar 2014, 03:27 PM Reply Like
  • Bailout2009
    , contributor
    Comments (254) | Send Message
     
    The day when prices are increased my the biggest steel producer ....
    18 Mar 2014, 03:58 PM Reply Like
  • Kungfupoo
    , contributor
    Comments (3) | Send Message
     
    I can still remember when X hit 180.00 a share in 2008( actually it went a bit higher) Wow!
    19 Mar 2014, 02:48 AM Reply Like
  • Kungfupoo
    , contributor
    Comments (3) | Send Message
     
    I can still remember when X went to 180.00 a share--maybe a little higher (actually) in 2008. Wow!
    19 Mar 2014, 02:48 AM Reply Like
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