Steel and Metal Stocks up on Bullish News
Stock in U.S. steel makers rose on Monday after the world's biggest manufacturer said price weakness in North America had bottomed-out and 2007 profits were expected to surge.
Analysts also pointed to recent comments by Jim Cramer, a stock commentator on cable TV's CNBC, who was bullish on steel makers and processors. The biggest gainer among steel manufacturers was Nucor Corp. (NUE.N: Quote, Profile , Research), whose stock rose $4.53, or 7.73 percent, to $63.17 on the New York Stock Exchange in afternoon trading. US Steel Corp. (X.N: Quote, Profile , Research) was up 2.75 percent and Mittal Steel Co. NV (MT.N: Quote, Profile , Research) rose 1.29 percent. On the Nasdaq, Steel Dynamics Inc. (STLD.O: Quote, Profile , Research) rose 5.66 percent. Earlier in Amsterdam, Arcelor Mittal's (CELR.PA: Quote, Profile , Research)(ISPA.AS: Quote, Profile , Research) Chief Financial Officer, Aditya Mittal, told a conference the company expects to be able to increase profits in 2007 and that it would be better than 2006. He said price weakness in the United States in the fourth quarter had already bottomed out, while prices in Europe should start to recover in the first quarter of 2007. Mittal said he believed the steel sector as a whole would have a good year in 2007, given strong demand, solid economic growth and higher prices for steel used in making cars.
Also rising on Monday were the stocks of specialty metals and steel processing companies and analysts suggested it was a result of the positive steel comments. Also they cited the announcement by Airbus parent EADS (EAD.PA: Quote, Profile , Research) that it would go ahead with a new model of the A350 airliner, which will use lighter materials, including titanium and other metals. Allegheny Technologies Inc. (ATI.N: Quote, Profile , Research) , which last week said it expects strong growth in the specialty metals sector, saw its stock rise $4.86, or 5.52 percent, to $92.92 on the NYSE on Monday afternoon. Titanium Metals Corp. (TIE.N: Quote, Profile , Research) stock rose 4.13 percent and RTI International Metals Inc. (RTI.N: Quote, Profile , Research) was up 3.4 percent.
Source: Reuters.com
Analysts also pointed to recent comments by Jim Cramer, a stock commentator on cable TV's CNBC, who was bullish on steel makers and processors. The biggest gainer among steel manufacturers was Nucor Corp. (NUE.N: Quote, Profile , Research), whose stock rose $4.53, or 7.73 percent, to $63.17 on the New York Stock Exchange in afternoon trading. US Steel Corp. (X.N: Quote, Profile , Research) was up 2.75 percent and Mittal Steel Co. NV (MT.N: Quote, Profile , Research) rose 1.29 percent. On the Nasdaq, Steel Dynamics Inc. (STLD.O: Quote, Profile , Research) rose 5.66 percent. Earlier in Amsterdam, Arcelor Mittal's (CELR.PA: Quote, Profile , Research)(ISPA.AS: Quote, Profile , Research) Chief Financial Officer, Aditya Mittal, told a conference the company expects to be able to increase profits in 2007 and that it would be better than 2006. He said price weakness in the United States in the fourth quarter had already bottomed out, while prices in Europe should start to recover in the first quarter of 2007. Mittal said he believed the steel sector as a whole would have a good year in 2007, given strong demand, solid economic growth and higher prices for steel used in making cars.
Also rising on Monday were the stocks of specialty metals and steel processing companies and analysts suggested it was a result of the positive steel comments. Also they cited the announcement by Airbus parent EADS (EAD.PA: Quote, Profile , Research) that it would go ahead with a new model of the A350 airliner, which will use lighter materials, including titanium and other metals. Allegheny Technologies Inc. (ATI.N: Quote, Profile , Research) , which last week said it expects strong growth in the specialty metals sector, saw its stock rise $4.86, or 5.52 percent, to $92.92 on the NYSE on Monday afternoon. Titanium Metals Corp. (TIE.N: Quote, Profile , Research) stock rose 4.13 percent and RTI International Metals Inc. (RTI.N: Quote, Profile , Research) was up 3.4 percent.
Source: Reuters.com
Labels: ATI, CELR, EAD, Hot Stocks, ISPA, Metal, MT, NUE, RTI, Steel, STLD, Stock Market, TIE, X
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