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News Breaks
September 30, 2013
16:07 EDTAKSAK Steel files trade cases on non-oriented electrical steel
AK Steel said that is has filed antidumping duty petitions charging that unfairly low-priced imports of non-oriented electrical steel, or NOES, from six countries are causing material injury to the company. AK Steel also filed countervailing duty petitions alleging that NOES producers in China, Korea and Taiwan have been heavily subsidized by their respective governments. The petitions were filed with the Commerce Department and the U. S. International Trade Commission. The Commerce Department will determine whether to initiate the antidumping and countervailing duty investigations within 20 days, and the ITC will reach a preliminary determination of material injury or threat of material injury within 45 days. The entire investigation will take approximately one year, with final determinations of dumping, subsidization and injury to be made in the fall of 2014. Preliminary duties, however, may be imposed during the first quarter of 2014 and remain in effect until final determinations are issued, AK Steel said.
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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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