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News Breaks
June 20, 2014
12:35 EDTSTLD, AKS, MT, NUE, XSteelmakers fall after Nucor, AK Steel profit warnings
Shares of steel makers Nucor Corporation (NUE) and AK Steel (AKS) are declining after the companies pre-announced lower than expected second quarter earnings per share. WHAT'S NEW: Nucor earlier today provided Q2 EPS guidance of 35c-40c, versus analysts' consensus estimate of 62c. The company said that the operating performance of its steel mills had been weakened by a decline in the profitability of its structural steel. Meanwhile, yield loss at Nucor's new direct reduced iron plant in St. James Parish, Louisiana is expected to reduce its Q2 operating EPS by 6c, the company stated. AK Steel expects to report a (2c)-(6c) per share loss for Q2, excluding the impact of losses on derivatives, the company reported last night. Analysts on average had expected the company to report a 10c per share profit. The company cited the harsh winter weather and hedging losses as reasons for its lower than expected Q2 profit. The steel maker expects its hedging losses to be "substantially offset" in the second half of the year by lower commodities costs or hedging gains. OTHERS TO WATCH: Other steel makers include U.S. Steel (X), ArcelorMittal (MT) and Steel Dynamics (STLD) PRICE ACTION: In early afternoon trading, Nucor declined 87c, or 1.7%, to $50.81, while ArcelorMittal was down nearly 1% and U.S. Steel was down 0.3%. However, shares of AK Steel were up 13c, or 1.8%, to $7.57 and Steel Dynamics was up 0.4%.
News For NUE;AKS;X;MT;STLD From The Last 14 Days
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October 1, 2015
09:57 EDTXU.S. Steel price target cut to $8 on tubular weakness at BofA/Merrill
BofA/Merrill said recent industry data indicates energy tubulars reaffirms its stance that oversupply and bloated inventory combined with weak rig counts will persist through 2016. The firm cut U.S. Steel's 2016 tubular forecast to to marginally above breakeven and expects realized sheet selling prices to have a severe drop in 2016 due to repricing of annual contracts. BofA/Merrill lowered its price target to $8 from $11 and reiterated its Underperform rating on shares.
September 30, 2015
10:00 EDTAKS, X, NUE, STLDBofa/Merrill global metals/mining analysts hold analyst/industry conference call
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September 28, 2015
10:20 EDTMTOptions with increasing implied volatility
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September 25, 2015
13:47 EDTNUENucor announces addition of QST process at Nucor-Yamato Steel
Nucor announced that Nucor-Yamato Steel Company, a joint venture between Nucor and Yamato Kogyo Co. Ltd, is installing a $75M Quench and Self-Tempering process to be utilized on its 1.4M tons of Mill 2 rolling capacity. Nucor Chairman, CEO and President John Ferriola was joined by Arkansas Governor Asa Hutchinson to make the announcement at the Nucor-Yamato Steel mill in Blytheville, Arkansas. The project is expected to be commissioned during the second half of 2016. Upon completion, the process will give NYS the ability to produce ASTM A913 Grade 65 and Grade 70 structural sections with a high-strength, low-alloy grade chemistry that provides excellent weldability while achieving good toughness at low temperatures.
05:39 EDTXU.S. Steel implied volatility of 79 at upper end of index mean range
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September 24, 2015
17:13 EDTAKSAK Steel says anti-dumping cases to proceed following ITC ruling
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05:28 EDTXU.S. Steel implied volatility of 79 at upper end of index mean range
September 23, 2015
10:45 EDTXU.S. Steel volatility elevated on wide price movement
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10:28 EDTMTArcelorMittal volatility elevated as shares near ten-year low
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09:55 EDTXActive calls on open: BIIB FCX X F INTC
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05:20 EDTXStocks with implied volatility movement; X SPLS
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September 22, 2015
16:00 EDTXOptions Update; September 22, 2015
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11:29 EDTXU.S. Steel January 2017 puts active
U.S. Steel January 2017 8 and 13 puts are active on total put volume of 132K contracts 7K calls. October put option implied volatility is at 74, November is at 76, January is at 71, January 2017 is at 65; compared to its 52-week range of 38 to 79. Active put volume suggests traders taking positions for downside price movement.
September 21, 2015
05:36 EDTSTLDSteel Dynamics to host investor day
Investor day to be held on September 23 at 9:30 am. Webcast Link

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