|August 22, 2014|
|07:01 EDT||STLD, NUE, RS, X, AKS||Steel price outlook raised at UBS|
UBS said trade duties have helped curb the market from cheap foreign steel and strong demand has allowed U.S. mills to increase margins. The firm expects further trade action and believes cold rolled and coated sheet products could be next, delaying downward pressure on steel prices. The firm now expects steady steel prices in 2014, a slight weakening through 2015/16 and strengthening in 2017. As a result, the firm raised its scrap price forecast and increased earnings estimates for mini-mills and raised the price target for Buy rated Nucor's (NUE) to $59 from $56, cut Reliance's (RS) to $73 from $75, raised Neutral rated U.S. Steel's (X) to $38 from $28 and Steel Steel Dynamics's (STLD) to $25 from $23, and upgraded AK Steel (AKS) to Neutral from Sell and increased its price target to $11 from $6.
News For AKS;NUE;X;RS;STLD From The Last 14 Days
|May 29, 2015|
|09:30 EDT||RS, X||Credit Suisse said 2H looking like a 'win-win' for US steel equities|
Credit Suisse said 2H 2015 is looking like a "win-win" for U.S. steel equities. The firm assumes favorable outcomes in proposed congressional legislation redefining injury in anti-dumping trade cases, a trade case filing, and an end to market restock cycle. Credit Suisse continues to favor U.S. Steel (X) given its leverage to the trade case story and said the entire sector will benefit if 2H plays out as expected. Firm said Reliance Steel (RS), Worthington (WOR), and Olympic Steel (ZEUS) are leveraged to a drop in import volumes and raw materially suppliers Cliffs Natural (CLF), Arch Coal (ACI), and Alpha Natural (ANR) should benefit from production increases in domestic Blast Furnace given less import competition.
|May 28, 2015|
|10:12 EDT||RS||High option volume stocks|
High option volume stocks: A RS ALXN AVGO TFM PLKI JNPR VGK GDOT
|May 27, 2015|
|08:53 EDT||RS||Reliance Steel appoints Gregg Mollins as CEO and President|
Reliance Steel announced that in accordance with the previously announced executive leadership succession plan, effective as of May 20, 2015, the company has appointed Gregg Mollins as CEO and President of Reliance. David Hannah has transitioned to the role of Executive Chairman. Hannah, who has served as Reliance's CEO since 1999 and Chairman of the Board and CEO since 2007, will remain on the company's board as Executive Chairman until his retirement in July 2016. Mr. Hannah will remain active in the company's operations until his departure, at which time an independent, non-executive Chairman of the Board will be appointed.
|May 26, 2015|
|12:38 EDT||STLD||Steel Dynamics to idol Minnesota operations, says KeyBanc|
KeyBanc said Steel Dynamic's decision to idle its Minnesota ironmaking operations is a positive for long-time investors and removes an overhang.
|11:16 EDT||STLD||Steel Dynamics indefinitely idles Minnesota operations|
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|May 21, 2015|
|11:16 EDT||STLD||Steel Dynamics announces planned paint line and Galvalume capability expansion|
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|May 20, 2015|
|12:35 EDT||AKS||AK Steel to pay $1.35M and implement air pollution controls at Michigan facility|
The U.S. Department of Justice, the Environmental Protection Agency, and the Michigan Department of Environmental Quality announced that, under a settlement agreement with the U.S. and the state of Michigan, AK Steel will pay a civil penalty of $1.35M for past violations of the Clean Air Act at its Dearborn, Michigan facility, implement a variety of procedures to reduce future violations and install dynamic air filtration systems at the Salina Elementary and Salina Intermediate Schools across Ferney Street from the plant. The consent decree will require AK Steel to develop an environmental management system for the facility with third-party auditing every six months, annually inspect and continuously monitor the performance of the pollution control equipment at the facility’s basic oxygen furnace and implement a fugitive dust control policy to prevent large particulate emissions into the adjacent neighborhoods. Upon full implementation of the consent decree requirements, particulate matter emissions, including metal hazardous air pollutants, should be reduced by approximately 100 tons per year. The settlement was lodged with the U.S. District Court for the Eastern District of Michigan and is subject to a 30-day public comment period and final court approval. Reference Link