Thu, Jun. 30, 2:01 PM
Wed, Jun. 29, 1:23 PM
Wed, Jun. 29, 9:26 AM
Wed, Jun. 8, 10:18 AM
- AK Steel (AKS +10.5%) surges more than 10% as Credit Suisse upgrades shares to Outperform from Neutral with a $7 price target, doubled from $3.50, after the firm increases its U.S. steel price deck.
- Credit Suisse says it remains "very bullish" on the U.S. steel industry, and its new supply/demand model for the U.S. flat rolled market indicates continued deficits for value add sheet into Q3, supporting prices well above fair value levels.
- The firm raises its price targets on all steel stocks in its coverage universe except Commercial Metals (CMC +1.9%), owing to rebar spread risks.
- Steel stocks (SLX +2.8%) are broadly higher in early trading: X +6.8%, MT +3.9%, STLD +3.8%, NUE +2.4%, WOR +1.5%, ZEUS +1.4%.
Thu, May 12, 5:17 PM
- U.S. Steel (NYSE:X) tumbled 10.4% and AK Steel (NYSE:AKS) sank 5.4% in today's trade as analysts say more attractive prices for U.S. steel and falling Chinese prices likely will raise the appeal of targeting the U.S. market even after import tariffs were introduced in recent months for some products.
- "A boat load of imports are likely on the way,” says Axiom Capital's Gordon Johnson as he reiterates a Sell rating $5 year-end stock price target for U.S. Steel.
- U.S. Steel has jumped 85% YTD for its best year in more than a decade, but investors now are spooked by fears that steel prices will follow falling prices for raw materials such as iron ore, says BMO Capital analyst David Gagliano.
- Also today: MT -4%, NUE -0.3%, RS -0.3%, STLD -1.4%, TX -0.4%, WOR -0.5%, GGB -4.3%, CLF -6.9%.
Wed, Mar. 23, 12:46 PM
Tue, Mar. 22, 5:30 PM
Tue, Mar. 22, 4:35 PM
Mon, Mar. 7, 6:58 PM
- Even before today's 20% jump in iron ore prices, capping a 48% rise since the beginning of February, Goldman Sachs warned that the current rally would prove "short-lived" in the absence of a material increase in Chinese steel demand.
- Goldman says it is keeping its iron ore price forecast for 2016 at $38/metric ton and $35 for the next two years; the price of ore with 62% content crested today at $64.20/dry metric ton.
- Goldman says disruptions in top exporters Australia and Brazil impacted iron ore supply in January and helped stoke the price rally, but that its analysis of freight activity indicates that export volumes recovered in February and expects further supply growth in the quarters ahead to pressure inventory levels and prices.
- Bullish sentiment in China's steel market is not supported by hard data, Goldman adds, saying the seasonal increase in demand appears only marginally stronger than last year.
- In today's trade: VALE +6.1%, RIO +5.4%, BHP +5.4%, CLF +18.7%, X +4.4%, MT +5.9%, AKS +8%, WOR +3.3%, STLD +4.5%.
Wed, Mar. 2, 2:47 PM
- Steel company shares are soaring following news of U.S. anti-dumping duties in the cold-rolled sheet trade case, with China receiving a 266% duty, which should effectively lock the country out of the U.S. market; Japan and Brazil were nailed with respective duties of 71% and 39%.
- J.P. Morgan analysts call the tariffs a win for U.S. steel stocks including U.S. Steel (X +22%), AK Steel (AKS +17.4%), Steel Dynamics (STLD +5.2%) and Nucor (NUE +2.6%), as trade cases filed by the U.S. and around the world eventually will close the door to the export market for surplus Chinese steel, and China will have to cut its steel capacity to come in line with Chinese domestic demand.
- With steel prices rebounding off of a bottom and the companies clearly demonstrating they have enough liquidity, J.P. Morgan believes the stocks should continue to outperform as shorts find it difficult to portray a possibility of near-term bankruptcies.
- Also: MT +11.7%, CLF +19.5%, CMC +1.2%, WOR +2.9%, ZEUS +13.2%, SLX +6.9%.
Tue, Mar. 1, 7:03 PM
- The U.S. government announces tariffs of 266% on steel imports from China, with goods from Brazil, India, South Korea, Russia, Japan and the U.K. subject to smaller duties.
- It is the second time since December that the U.S. government has penalized foreign steel producers, including Chinese mills, for selling steel in the U.S. at unfairly low prices.
- Analysts say the duties may not fully satisfy U.S. producers, as the 6.9% rate for South Korea, the second-largest source of the products, was far below what the industry alleged.
- Related Tickers: AKS, X, NUE, MT, CMC, STLD, WOR, ZEUS, SLX.
Dec. 23, 2015, 10:58 AM
- U.S. Steel (X -1.4%) and AK Steel (AKS -2.4%) are lower after preliminary anti-dumping tariffs levied on corrosion-resistant steel imports from China, India, South Korea and Italy turn out to be somewhat disappointing.
- The preliminary decision from the U.S. Department of Commerce sets duties of up to 256% on imports from China, while imports from India face duties of up to 6.9%, most Korean companies had duties set at up to 3.5%, most Italian firms had duties set at 3.1% and no tariffs were levied on Taiwan.
- AK Steel says it is pleased with the preliminary dumping margins assigned to China, but is disappointed that the dumping margins for India, Italy, Korea and Taiwan were not higher, "as they do not appear to adequately address the dumping that we believe is occurring in the U.S. market."
- BofA Merrill says the 256% tariff levied on China may grab headlines but already was expected, while the other levies mean those countries will be able to keep shipping to the U.S. "without much pain."
- Also: STLD +2%, NUE -0.2%, WOR +0.2%.
Dec. 17, 2015, 5:26 AM
- Worthington (NYSE:WOR): FQ2 EPS of $0.60 beats by $0.10.
- Revenue of $699.8M (-19.7% Y/Y)
Dec. 16, 2015, 1:59 PM
- Worthington (NYSE:WOR) declares $0.19/share quarterly dividend, in line with previous.
- Forward yield 2.83%
- Payable March 29; for shareholders of record March 15; ex-div March 11.
Dec. 15, 2015, 5:35 PM
Dec. 10, 2015, 3:24 PM
- Steel prices in the U.S. have dropped so much that imports are finally declining, providing some relief for shares of downtrodden U.S. Steel (X +12.8%) and others in a year that has been one of the worst in decades.
- While steel prices have plunged 41% Y/Y, mill capacity utilization rose 2.8 percentage points last week in the first uptick since September, and steel imports have been lower than a year ago in each of the six months through October, the most recent month of available U.S. Census Bureau data.
- At the same time, China said yesterday it would cut some import and export taxes next year, raising concerns that cheaper Chinese products could exacerbate a global oversupply of basic materials such as steel and chemicals.
- Also today: ATI +14%, AKS +6.2%, NUE +2.5%, WOR +3.6%, STLD +5.5%, RS +2.8%, MT +4.6%.
- Earlier: U.S. Steel oversold as December marks steel price bottom, analyst says (Dec. 9)
Worthington Industries, Inc. engages in metals processing, focused on value-added steel processing and manufactured metal products. Its manufactured metal products include pressure cylinder products such as propane, oxygen and helium tanks, hand torches, refrigerant and industrial cylinders,... More
Sector: Basic Materials
Industry: Steel & Iron
Country: United States
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