Steel Stocks Are Back in Vogue as Trump Victory Buoys Outlook
1 month, 2 weeks ago

Steel Stocks Are Back in Vogue as Trump Victory Buoys Outlook

Live Mint  

A surge in American steel stocks just hours after former President Donald Trump secured a second term signals investors are betting his victory is bullish for the industry. The S&P steel sub-industry index that includes United States Steel Corp., Nucor Corp., Cleveland-Cliffs Inc., Steel Dynamics Inc. and 11 other companies jumped as much as 14%, the most in more than 15 years. “There’s clearly inflationary expectations for steel that’s coming through, whether it’s policy or tariffs,” said Phil Gibbs, a veteran steel-industry analyst at Keybanc Capital Markets Inc. It’s been a brutal year for the domestic steel industry, which witnessed benchmark prices tumble by more than 35% as demand weakened for everything from automobiles to toasters. It wasn’t immediately clear what actions Trump may take on steel imports, given the existing 25% tariffs that have remained in effect since he imposed them in 2018.

Trump Steel Gibbs Buoys Outlook  largest  president  gibbs  stocks  steel  steelmakers  tariffs  victory  nucor  buoys  outlook  investors  trump  vogue  jumped

History of this topic

Stock market today: Wall Street inches higher to set more records
2 weeks, 6 days ago

Stock market today: Wall Street inches higher to set more records

Associated Press  

NEW YORK — U.S. stocks tiptoed to more records amid a mixed Tuesday of trading, tacking a touch more onto what’s already been a stellar year so far. Nippon Steel announced plans last December to buy the Pittsburgh-based steel producer for $14.1 billion in cash, raising concerns about what the transaction could mean for unionized workers, supply chains and U.S. …

US Steel: Trump again vows to block Japanese firm’s controversial takeover
3 weeks ago

US Steel: Trump again vows to block Japanese firm’s controversial takeover

CNN  

CNN — President-elect Donald Trump has again indicated that he intends to block a Japanese firm’s $15 billion takeover bid of US Steel upon taking office, saying the former American giant can eventually stand on its own. “We will invest no less than $2.7 billion into its unionized facilities, introduce our world-class technological innovation, and secure union jobs so that …

Biden opposes Japanese takeover of US Steel, touts ‘American steelworkers’
9 months, 1 week ago

Biden opposes Japanese takeover of US Steel, touts ‘American steelworkers’

Al Jazeera  

US president’s remarks come as he is seeking to shore up support in key swing state of Pennsylvania. United States President Joe Biden has opposed the proposed sale of a Pittsburgh-based steel manufacturer to Japan’s largest steel producer, insisting on the need for “strong American steel companies powered by American steelworkers”. “US Steel has been an iconic American steel company …

US Steel, once a symbol of America’s economic might, is now for sale in the bargain bin
1 year, 4 months ago

US Steel, once a symbol of America’s economic might, is now for sale in the bargain bin

CNN  

New York CNN — The days may be numbered for US Steel Corp., a one-time backbone of the nation’s economy. US Steel’s possible end underscores the shift in the nation’s economy away from manufacturing, a change that continues to have deep economic and political implications today. The first steel beams for the United Nations Building are loaded at the Homestead …

Will steel stocks harden in 2023?
1 year, 11 months ago

Will steel stocks harden in 2023?

Live Mint  

The year 2022 was a mixed bag for steel prices. Besides, the imposition of export duty on steel in late May by the government weighed on prices. “While the recent price hikes in global markets appear encouraging, we feel it is too early to call it a cyclical upturn,” said analysts at ICICI Securities Ltd. A dramatic rise in covid …

Steel prices have tripled. Now Bank of America is sounding the alarm
3 years, 7 months ago

Steel prices have tripled. Now Bank of America is sounding the alarm

CNN  

New York CNN Business — A bubble could be brewing in steel stocks. It’s just a matter of when and how it happens.” Phil Gibbs, director of metals equity research at KeyBanc Capital Markets After bottoming out around $460 last year, US benchmark hot-rolled coil steel prices are now sitting at around $1,500 a ton, a record high that is …

Discover Related