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News Breaks
July 3, 2013
07:05 EDTCMC, X, NUE, STLDKeyBanc would not be short Steel sector short-term following OCTG petition
Yesterday, numerous domestic carbon tube producers filed a petition with the U.S. Department of Commerce and the International Trade Commissions seeking anti-dumping relief of certain oil country tubular goods, or OCTG, from nine countries. KeyBanc said the petition is a broad positive in regards of industry sentiment, especially for Hold rated U.S. Steel, and could result in other carbon-based product producers to seek protectionist measures if the petition is found to cause injury. The analyst remains selective on Carbon Steel names but would not be short the Steel sector short-term given the potential outcomes of the petition.
News For X;STLD;NUE;CMC From The Last 14 Days
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June 30, 2015
14:34 EDTX, NUEIron ore producers slide after Australia cuts price target on the commodity
Shares of iron ore producers are falling after Reuters reported that Australia reduced its 2015 price forecast for iron ore to $54.40 a tonne from $60.40 a tonne. According to Reuters, Australia's current projection on iron ore prices is based on its view that China, the commodity's main market, will produce less steel in 2015 and 2016 as as the seaborne supply of iron ore increases. PRICE ACTION: Cliffs Natural Resources (CLF) is down over 10%, BHP Billiton (BHP) is lower by 2.3%, and Vale (VALE) is down 4% in afternoon trading. Steel stocks, including United States Steel (X), AK Steel Holding (AKS), and Nuco (NUE) are also sliding in afternoon trading.
June 25, 2015
10:42 EDTXU.S. Steel June weekly calls active
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09:08 EDTCMCOn The Fly: Pre-market Movers
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07:07 EDTCMCCommercial Metals: Key market indicators point toward strong finish to FY15
The company commented, "The demand for our finished steel products in the U.S. and Poland remains high. Additionally, unfavorable weather in May in the central region of the U.S. resulted in certain construction projects being pushed out into our fiscal fourth quarter, which we expect should provide some upside to the fourth quarter's results. Elevated levels of imports continue to pressure margins for our U.S. and Polish operations. Our International Marketing and Distribution segment also continues to be challenged by the strong U.S. dollar."
07:06 EDTCMCCommercial Metals reports Q3 Americas Mills operating profit $84.2M
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07:06 EDTCMCCommercial Metals reports Q3 Americas Recycling operating loss of $2M
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07:06 EDTCMCCommercial Metals reports Q3 EPS cont ops 58c, consensus 39c
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June 24, 2015
15:01 EDTCMCNotable companies reporting before tomorrow's open
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15:00 EDTCMCCommercial Metals technical comments before earnings
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13:29 EDTCMCCommercial Metals volatility flat into Q3 and outlook
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June 22, 2015
12:33 EDTSTLD, X, NUESteel stocks lag market after AK Steel sees Q2 results hindered by imports
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07:32 EDTSTLDSteel Dynamics sees Q2 steel ops profitability to be similar to Q1
Improved second quarter 2015 shipments will be offset by unexpected metal margin compression, driven by steel imports remaining much higher than originally anticipated, resulting in average quarterly steel prices decreasing more than average quarterly scrap prices. The benefit of reduced scrap pricing was realized in the second quarter; but, the continued flood of steel imports thus far in 2015 continued to pressure steel product pricing to a greater degree. However, steel pricing has recently begun to stabilize and domestic steel demand remains solid. Continued demand for the company's fabricated steel joist and decking products indicates the non-residential construction market is continuing a positive trend. Second quarter 2015 profitability from the company's fabrication operations is expected to be higher than near-record sequential first quarter 2015 results. Metals recycling financial results are also expected to be higher for the second quarter 2015, compared to the sequential first quarter, based on both increased shipments and metal margin, as pricing volatility subsided.
07:31 EDTSTLDSteel Dynamics sees Q2 adjusted EPS 20c-24c, consensus 24c
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