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Steel stocks are lower after ArcelorMittal (MT -3.8%) reported it swung to a Q3 loss and...

Steel stocks are lower after ArcelorMittal (MT -3.8%) reported it swung to a Q3 loss and proposed a reduction to the annual dividend to $0.20 from $0.75, and U.S. Steel's (X -3.9%) weak Q4 guidance prompts Credit Suisse to cut its share price target to $20 from $24. Other steelmakers also see weakness: AKS -2.9%, RS -1.4%.
Comments (1)
  • NJPA911
    , contributor
    Comment (1) | Send Message
     
    looks like from price action today the cut in dividend was expected, however Im out, I would have otherwise expected a bigger drop in share price.
    Long term this is a buy, however over next 12-24 months MT looks to remain flat.
    will likley get back in if price drops below $13.
    31 Oct 2012, 10:04 PM Reply Like
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