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Stock Market & Financial Investment News

News Breaks
November 27, 2012
19:55 EDTX, MT, CLF, PKX, STLD, NUEGlobal steel production capacity exceeds orders taken, WSJ reports
Global steel mills have the capacity to produce 1.8B tons of steel annually, but will only take orders for 1.5B tons of steel this year, and it is expected that by 2016 an additional 100 new mills with a total production capacity of 350M tons will be operable, according to a Wall Street Journal report. The report notes that the world's five biggest steel companies control just 18.2% of the world's supply, compared to 50.6% in the auto industry, and that government-backing of many steel mills has made consolidation difficult for steel majors. Reference Link
News For PKX;MT;NUE;CLF;X;STLD From The Last 14 Days
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March 23, 2015
07:11 EDTXU.S. Steel shares at a discount to asset value, says Macquarie
Macquarie lowered Outperform rated U.S. Steel estimates and reduced its price target to $33 from $48 based on $480 HRC price expectations through the end of the year but said shares trade at a discount to asset value.
07:07 EDTCLFCliffs Natural agrees to sell Chromite assets to Noront for $20M
Cliffs Natural Resources announced that it has entered into a definitive agreement to sell its Chromite assets in Northern Ontario, Canada to Noront Resources Ltd. for $20M. The transaction is comprised of the chromite deposits and associated claims held by Cliffs. The sale of these assets to Noront, an experienced mining company with a strategic interest in the Ring of Fire region, further demonstrates execution of Cliffs' strategy which includes divesting non-core assets and focusing on being the major supplier of iron ore pellets to the North American steel industry. Moelis & Company acted as financial advisor to Cliffs Natural Resources.
05:32 EDTMTArcelorMittal downgraded to Hold from Buy at Jefferies
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March 19, 2015
11:24 EDTXStocks with call strike movement; X RIG
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10:23 EDTNUEHigh option volume stocks
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09:12 EDTNUENucor sees Q1 operating performance of raw materials to decrease
Cites anticipated operating loss of approximately $37M at Nucor Steel Louisiana and decreased performanced of scrap processing business and natural gas drilling working interests. The production operations of Nucor Steel Louisiana have remained suspended since the equipment failure related to the process gas heater occurred on November 2, 2014. The company is close to completing the necessary repairs and adjustments to the process gas heater, and estimates that Nucor Steel Louisiana will be operational before the end of the first quarter of 2015.
09:11 EDTNUENucor says conditions remain challenging in energy markets
The company commented, "Conditions remain challenging in energy markets, in which the collapse in oil prices and continued high levels of imported oil country tubular goods products has caused an inventory glut in the pipe and tube sector. Automotive markets remain strong and are continuing to improve. We continue to see improving demand in the nonresidential construction markets. Once energy market steel inventories are rebalanced later this year, we expect overall steel demand to meet or exceed levels seen in 2014. The overall operating performance of the downstream products segment for the first quarter of 2015 is expected to decrease from the fourth quarter of 2014 due to typical seasonality experienced in the first quarter; however, the results of the downstream products segment in the first quarter of 2015 are expected to increase over the first quarter of 2014 due to both lower input costs and improved volumes, supporting the resiliency of the slow but steady growth in nonresidential construction markets."
09:10 EDTNUENucor cuts Q1 EPS to 10c-15c, consensus 40c
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08:24 EDTCLFCliffs Natural says Bank of Nova Scotia files lawsuit against company
Cliffs Natural (CLF) said in a filing that as previously disclosed, on January 27, the company announced that Bloom Lake General Partner Limited and certain of its affiliates, including Cliffs Québec Iron Mining ULC commenced restructuring proceedings in Montreal, Québec, under the Companies’ Creditors Arrangement Act. Certain obligations of the Bloom Lake Group, including equipment loans, are guaranteed by the Company. On March 16, The Bank of Nova Scotia (BNS) filed a lawsuit in the U.S. District Court for the Northern District of Ohio, Eastern Division, against the company, asserting that the company breached its obligations under a guaranty of certain equipment loans pursuant to a Master Loan and Security Agreement, dated September 27, 2013, among certain members of the Bloom Lake Group and Key Equipment Finance Inc.. BNS is seeking an award of $52.6M plus unpaid accrued interest and expenses. Among other defenses to this litigation, the company is current in its payment obligations under the Equipment Loans.
08:24 EDTCLFJPMorgan pulls Cliffs target on 'relentless' iron ore price slide
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08:24 EDTSTLDSteel Dynamics has more upside ahead, says Morgan Stanley
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March 18, 2015
16:00 EDTCLFOptions Update; March 18, 2015
iPath S&P 500 VIX Short-Term Futures down 1.20 to 26.10. Option volume leaders: AAPL RAD PBR TWTR FB TSLA CLF BP MGM according to Track Data.
07:10 EDTNUE, CLFPlatts to hold a forum
11th Annual Steel Markets North America is being held in Chicago on March 17-18.
March 17, 2015
19:10 EDTSTLDSteel Dynamics expects metals recycling operations to record loss in Q1
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19:07 EDTSTLDSteel Dynamics sees Q1 adjusted EPS 12c-16c, may not compare to consensus 22c
Steel Dynamics provided Q1 earnings guidance. Excluding approximately $17M, or 4c per diluted share, of estimated premium and related expenses associated with the company's repayment of $350M in senior notes in March, the company provided Q1 adjusted earnings guidance in the range of 12c-16c per diluted share. Including these charges, earnings guidance for Q1 would have been in the range of 8c-12c per diluted share. During Q1, two important industry developments occurred: Domestic steel product pricing declined to levels that are now globally competitive, which the company believes will result in reduced steel import levels beginning in thQ2. Despite continued solid domestic steel consumption, product pricing decreased meaningfully due to delayed customer orders caused by the volatility in scrap prices and inventory buildup related to excessive 4Q14 steel imports. The company believes the surplus inventory can be right-sized in the April and May 2015 timeframe, which coupled with continued demand, should result in increased domestic steel mill utilization. Ferrous scrap pricing declined between 25%-30% during February, which the company believes will benefit metal margin. Ferrous scrap pricing disconnected from iron ore pricing during 2014, as iron ore prices declined dramatically, while scrap prices remained relatively unchanged. Historically these commodities are highly correlated; therefore, a sharp decline in scrap prices was not unexpected.
10:45 EDTXStocks with call strike movement; X BBRY
U.S. Steel (X) March 24 call option implied volatility increased 8% to 52, BlackBerry (BBRY) September 11 call option implied volatility decreased 2% to 50 according to IVolatility.
March 16, 2015
12:42 EDTXU.S. Steel trades lower with peers, levels to watch
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12:39 EDTX, NUE, STLDSteels stocks lower after report of rising China exports, analyst note
Steel stocks are lower after a Wall Street Journal report on increasing Chinese steel exports and an analyst note that lowered price targets on the sector. WHAT'S NEW: A Wall Street Journal report from Sunday night pointed out that China's steel exports rose 63% to 9.2M tons in January from a year earlier. China produces as much steel as the rest of the world combined and as the country's growth slows it is shipping its excess steel overseas, resulting in lower prices and spurring steel producers around the globe to seek government protection. ANALYST VIEW: In a note to investors, Jefferies said steel fundamentals stayed challenging throughout the first quarter and the firm lowered its price targets on a number of names in the sector to account for its reduced estimates. Jefferies lowered its price target on U.S. Steel (X) to $21 from $26, cut its price target on Schnitzer Steel (SCHN) to $17 from $20, reduced its price target on Nucor (NUE) to $57 from $61, and trimmed its target on AK Steel (AKS) to $3.75 from $4.75. Jefferies noted that a majority of its contacts expect steel prices to trough sometime in the second quarter and the firm said it believes "mini-mill" producers like Steel Dynamics (STLD) and Nucor are best positioned in the group. PRICE ACTION:In midday trading, United States Steel is down 1.24%, AK Steel is lower by 2%, Schnitzer Steel Industries is down 4.3%, Steel Dynamics is down 0.96%, and Nucor is up fractionally.
11:49 EDTNUE, STLD, XChina steel exports set to rise from last year's level, WSJ says
As China's economy slows it is exporting its excess steel in greater amounts and is causing a backlash from other steel producers who are seeking government protection from falling prices, says the Wall Street Journal. China's steel exports in January were up 63% to 9.2M tons from a year earlier, added the Wall Street Journal. Publicly traded companies in the space include U.S. Steel (X), AK Steel (AKS), Steel Dynamics (STLD) and Nucor Corporation (NUE). Reference Link
08:11 EDTNUE, X, STLDSteel seen as likely to bottom in Q2 after weak Q1, says Jefferies
Jefferies said steel fundamentals stayed challenging throughout Q1 and the firm lowered its price targets on a number of names in the sector to account for its reduced estimates. Jefferies lowered its price target on U.S. Steel to $21 from $26, cut its price target on Schnitzer Steel (SCHN) to $17 from $20, reduced its price target on Nucor (NUE) to $57 from $61 and trimmed its target on AK Steel to $3.75 from $4.75. Jefferies noted that a majority of it contacts expect steel prices to trough sometime in Q2 and the firm said it believes "mini-mill" producers like Steel Dynamics (STLD) and Nucor are best positioned in the group.
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