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Stock Market & Financial Investment News

News Breaks
July 31, 2013
17:58 EDTAKSAK Steel to ask U.S. to seek further rulings against China
AK Steel said that the Chinese Ministry of Commerce has announced its purported implementation of the recommendations and rulings of the World Trade Organization Dispute Settlement Body regarding MOFCOM's flawed investigation regarding imports of grain oriented electrical steel from the United States. In the GOES case, a WTO dispute panel found that MOFCOM's findings on injury and causation violated China's WTO obligations because, among other things, they were not based on positive evidence and an objective examination of the evidence. "AK Steel applauds the efforts of the United States Trade Representative to enforce China's WTO obligations in this dispute," said James Wainscott, CEO of AK Steel. "We are disappointed that the Government of China has chosen to disregard its WTO obligations, and we will continue to urge the U.S. Government to seek further rulings that China has not complied with the DSB's recommendations and rulings." AK Steel will also request that the U.S. Government seek WTO authorization to impose retaliatory tariffs against certain imports from China until China comes into compliance by revoking the antidumping and countervailing duty measures on GOES from the United States.
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August 25, 2014
11:55 EDTAKSU.S. Steel gains after Credit Suisse upgrades on pricing outlook
Shares of U.S. Steel (X) are climbing after Credit Suisse upgraded the stock by two notches, saying that the company should benefit from an improved pricing environment and raw material cost advantages. WHAT'S NEW: An increase in U.S. demand for steel, along with tariffs that have been imposed on foreign steel producers and the possibility that additional tariffs will be imposed, are keeping U.S. steel prices far higher than previously anticipated, Credit Suisse analyst Nathan Littlewood wrote in a note to investors earlier today. Additionally, production at a number of American steel mills has been curtailed, the analyst stated. Moreover, U.S. Steel can obtain raw materials relatively cheaply, enabling it to produce some of the lowest cost steel in North America, Littlewood stated. U.S. Steel should become one of the most profitable steel makers in the world, according to Littlewood, who upgraded his rating on the shares to Outperform from Underperform and hiked his price target on the stock to $50 from $25. WHAT'S NOTABLE: Littlewood downgraded his rating on another name in the sector, Steel Dynamics (STLD), to Neutral from Outperform. Although the company has a high quality business, the recent outperformance by the stock caused the analyst to downgrade the name. Littlewood kept a $23 price target on the shares. On Friday, UBS wrote that the threat of new tariffs on imported steel could prevent U.S. steel prices from dropping significantly. The filing of requests for additional tariffs on foreign steel, or even the threat of such filings, could keep steel prices from declining in the short-term, the firm predicted. UBS upgraded AK Steel (AKS) to Neutral from Sell, while raising its price target on Nucor (NUE) to $11 from $6 and keeping a Buy rating on that stock. The firm raised its price target on U.S. Steel to $38 from $28 but kept a Neutral rating on the shares. PRICE ACTION: In late morning trading, U.S. Steel advanced 2.6% to $38.81, Steel Dynamics lost 0.3% to $23.24, AK Steel gained 2% to $10.89, and Nucor climbed 1% to $54.23.
August 22, 2014
10:42 EDTAKSAnalyst says tariff threat could protect steelmakers
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10:01 EDTAKSOn The Fly: Analyst Upgrade Summary
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07:01 EDTAKSSteel price outlook raised at UBS
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06:43 EDTAKSAK Steel upgraded to Neutral from Sell at UBS
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06:26 EDTAKSAK Steel upgraded to Neutral from Sell at UBS
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