- Steel companies are surging across the board amid speculation that Commercial Metals (CMC +7.1%) may purchase Gerdau’s (GGB -1.4%) North American rebar mills.
- The speculation comes as the scandal engulfing Japan's Kobe Steel deepens, likely removing the company as a competitor for the time being, and Credit Suisse says GGB has been a $5-$10/ton drag on industry metal margins; another key factor could include the boost to steel profitability from flat iron ore prices and the declining cost of coal.
- NUE +3.6%, SCHN +2.8%, STLD +2.2%, ZEUS +2%, AKS +1.8%, WOR +1.6%, TMST +1.3%, RS +1.2%, SXC +1.2%, X +0.8%, MT +0.5%.
- Source: Bloomberg First Word
Steel stocks surge as takeover deal takes shape
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Symbol | Last Price | % Chg |
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CMC | - | - |
Commercial Metals Company |