Tue, Jul. 14, 10:57 AM
- ArcelorMittal (MT -1.7%) says it likely will idle the long steel mills it recently installed in its João Monlevade plant in Brazil, citing excess capacity in the sector and stagnating demand.
- The comments from MT's South American head of long steel echo those of the company's chief executive in Brazil, who warned yesterday that the outlook for demand in Brazil's domestic steel market remains gloomy.
- Also: GGB -5.7%, VALE -3.3%, TX -0.7%.
Mon, Jun. 29, 1:32 PM
- Ternium (TX -4.7%) is downgraded to Neutral from Buy with a $21 price target, lowered from $23, at BofA/Merrill, which sees margins compressing going forward due to the rapid and perhaps structural decline in North American steel prices more than offsetting lower raw material prices.
- The firm expects the company's EBITDA to decline in Q2-Q3, although margins should recover afterwards, driven by a decrease in the mismatch between steel prices and cost.
- While Mexican demand for steel has been strong, driven by increased auto production, BofA says "Argentina's macro policies are highly unstable," with limited access to markets, a ballooning fiscal deficit, high inflation and an overvalued currency.
Mar. 18, 2014, 3:21 PM
- 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%.
Apr. 30, 2013, 12:22 PMLatin American steelmaker Ternium (TX +5.1%) surges higher after saying it won’t pursue a purchase of ThyseenKrupp's (TYEKF.PK) steel plant in Rio de Janeiro state in Brazil because of its valuation and industry conditions in Brazil. TX says it is assessing alternative growth options after backing out of the bidding process. (Q1 earnings) | Apr. 30, 2013, 12:22 PM | Comment!
Mar. 25, 2013, 5:56 PM
Sep. 7, 2012, 12:17 PMThe steel industry remains burdened with chronic structural overcapacity that will take at least seven years to eliminate, Credit Suisse says, but demand looks to be at the low end of the cycle, suggesting an upturn in the steel market is likely by 2013 or 2014. In such an environment, the firm favors MT, RS, NUE, PKX, TX. | Sep. 7, 2012, 12:17 PM | 1 Comment
Feb. 22, 2012, 7:49 AM
Nov. 21, 2011, 10:25 AM
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Ternium SA is engaged in manufacturing & processing of flat and long steel products for construction, home appliances, capital goods, container, food, energy & automotive industries. Its products include Flat rolled, Welded tubes & beams, among others.
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