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Stock Market & Financial Investment News

News Breaks
July 22, 2014
07:52 EDTSTLDSteel Dynamics shares can advance further, says Wells Fargo
After Steel Dynamics announced that it was purchasing Severstal's Columbus mill, Wells Fargo thinks the deal will increase Steel Dynamics' EPs by 35c and derisks 2015 estimates for the company. The firm raised its price target range on the shares to $27-29 from $20-$22 and keeps an Outperform rating on the shares.
News For STLD From The Last 14 Days
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March 25, 2015
12:54 EDTSTLDSteel stocks trade higher ahead of Congressional Steel Caucus hearing
Steel manufacturing stocks are trading higher ahead of tomorrow's testimony at a Congressional Steel Caucus hearing. WHAT'S NEW: The United Steelworkers, or USW, will be joining Chief Executive Officers of steel companies and other representatives from the steel industry on Thursday, March 26 on Capitol Hill to testify at a Congressional Steel Caucus hearing on the "State of American Steel." The USW and the steel executives will speak to the state of the steel industry and how policies on trade are impacting manufacturing in the steel industry. WHAT'S NOTABLE: According to the American Iron and Steel Institute, year-to date total and finished steel imports are 7.977M and 6.41M net tons, respectively, up 23% and 36%, respectively, vs. the same period in 2014. In the past month, steelmakers including Nucor (NUE), AK Steel Holding (AKS) and Steel Dynamics (STLD) all issued profit warnings. On March 19, Nucor said "Overall operating performance at the steel mills segment for the first quarter of 2015 is expected to decrease significantly compared to the fourth quarter of 2014," citing lower selling prices and margins resulting from the "exceptionally high level of imports flooding the domestic market." The company also said "Total imports increased 38% in 2014 compared to 2013, with imports accounting for approximately 34% of the total domestic shipments in 2014. Global overcapacity built by state-owned enterprises is the biggest risk factor to our business." This morning, United States Steel Corporation (X) announced plans to consolidate its North American Flat-Rolled operations and temporarily idle its Granite City Works operations. The company noted that the consolidation is a result of challenging market conditions that reflect the cyclical nature of the industry. Global influences in the market like reduced steel prices, unfair trade, imports and fluctuating oil prices, continue to have an impact on the business, the company said. Publicly traded companies in the space including U.S. Steel , AK Steel and Steel Dynamics are all trading higher while Nucor is fractionally lower in midday trading.
11:48 EDTSTLDSteel industry leaders set to testify on import surge, Bloomberg says
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11:28 EDTSTLDEU to impose tariffs on steel from China and Taiwan, Reuters says
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March 19, 2015
08:24 EDTSTLDSteel Dynamics has more upside ahead, says Morgan Stanley
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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.
March 16, 2015
12:39 EDTSTLDSteels 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 EDTSTLDChina 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 EDTSTLDSteel 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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