March to June, Goldman Sachs increased their stake in MT from 6 million shares to 9.7 million.
Aug 22nd, Dennis Gartman, aka, the commodity king, likes Steel.
Aug 23rd, Dahlman Rose downgraded stock to neutral.
Iron Ore prices been at around a 2 1/2 year low.
Last Tuesday, Jefferies Group initiated coverage on shares of ArcelorMittal with a buy rating.
Last Wednesday, World Steel Association said that global steel output surprisely increased 2% yr over yr.
Last Thursday, China announced $150 Billion infrusture project.
On Saturday, USW union gives in to management. No strike.
Did management get the 36% pay cut from the union (July 27th WSJ report)?
Global steel demand surprisely rises in July.
US production has been strongly than expected last 4 months.
Thoughts or opinions would be appreciated. My only thought is buy, buy buy below 16!!
thx for all the good data. I like MT, I own it ( about a nut and a bolt worth) but it has to be in for a rocky ride. As you stated China has implemented an infrastructure project, but China's recent auto sales have lagged. A rocky ride but MT isn't going away anytime soon.