- Steel companies (SLX +1.4%) are higher after Cowen analyst Anthony Rizzuto says improving steel market fundamentals are likely to provide a catalyst for steel stocks to rise.
- With Q1's bad weather now finished, the domestic steel market appears to be tightening and sentiment improving, Rizzuto says, expecting investors to focus more on the outlook for the remainder of 2014 than on Q1 results.
- The firm rates US Steel (X +3.1%), ArcelorMittal (MT +2.5%) and Reliance Steel (RS +0.3%) at Outperform; AK Steel (AKS +5.9%), Nucor (NUE +1.7%) and Steel Dynamics (STLD +1.3%) are Market Perform.
Steel stocks rise as Cowen sees rebound in fundamentals gaining steam
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