Worthington Industries, Inc.NYSE
Yesterday, 1:14 PM
- U.S. steelmakers are higher after AK Steel (AKS +6.2%) and Schnitzer Steel (SCHN +2.3%) both reported stronger quarterly earnings, as the companies benefited from cost-cutting measures.
- AKS reported better than expected Q3 earnings as total operating expenses fell 19% Y/Y; revenues fell 15% Y/Y to $1.45B as shipments fell 24%, partly related to a decision to focus less on less profitable commoditized products, but the selling price per ton rose 11% to $1,016, due to a better product mix and a more favorable selling environment.
- SCHN posted above consensus FQ4 earnings and revenues as overhead costs declined 20% Y/Y; ferrous sales volumes of 914K tons and nonferrous sales volumes of 153M lbs. were 2% and 13% lower Y/Y, respectively.
- Also: X +2%, STLD +0.8%, WOR -0.1%, RS -0.6%, NUE -0.7%.
Thu, Oct. 13, 2:33 PM
- Even without the latest gloomy export data from China, shares of U.S. Steel (X -5.5%) might have dropped because of falling steel prices.
- Axiom Capital’s Gordon Johnson says U.S. hot rolled coil steel prices have dropped to $496/ton, below “the psychologically [important] $500 threshold... this is not good for U.S. steel mills.”
- Also: SLX -2.9%, MT -2.3%, AKS -4.2%, STLD -1.9%, RS -1.7%, ATI -3%, WOR -1.6%.
Wed, Sep. 28, 1:39 PM
Wed, Sep. 28, 8:52 AM
Tue, Sep. 27, 5:30 PM
Thu, Sep. 15, 6:53 PM
- Steel prices (NYSEARCA:SLX) likely will continue to move lower through year-end, Jefferies analysts say, citing "incremental weakness in raw material input costs as well as supply-side pressures from ramping capacity" at projects such as ArcelorMittal’s BF restart and Big River.
- Still, while Jefferies lowers price targets on all the stocks in its coverage except three, it awards Buy ratings to Steel Dynamics (NASDAQ:STLD) and Nucor (NYSE:NUE); the firm sees STLD as its the top pick in the sector and NUE as the most defensive, saying the companies boast relatively lower cost operating structures and less levered balance sheets.
- Meanwhile, Hold-rated U.S. Steel (NYSE:X) and AK Steel (NYSE:AKS) are highly sensitive to absolute steel prices and face margin risk from surging coking coal prices, so the shares likely will face the brunt of the downside pressure, Jefferies says.
- Also rated Hold: CMC, ZEUS, RS, RYI, TMST, WOR.
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
- Worthington (NYSE:WOR) declares $0.19/share quarterly dividend, in line with previous.
- Forward yield 2.14%
- Payable June 29; for shareholders of record June 15; ex-div June 13.
Tue, Mar. 22, 5:30 PM
Tue, Mar. 22, 4:35 PM
- Worthington (NYSE:WOR): FQ3 EPS of $0.46 misses by $0.07.
- Revenue of $647.1M (-19.6% Y/Y) misses by $60.5M.
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%.