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Steel stocks surge as takeover deal takes shape

Oct. 11, 2017 12:59 PM ETCommercial Metals Company (CMC) StockWOR, NUE, GGB, MT, CMC, X, AKS, STLD, RDUS, RS, ZEUS, SXC, MTUSBy: Carl Surran, SA News Editor13 Comments
  • 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

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