Today’s Research Reports on Stocks to Watch: United States Steel and Steel Dynamics
NEW YORK, NY / ACCESSWIRE / March 23, 2018 / Shares of steelmakers saw big drops on Thursday, with United States Steel Corporation and Steel Dynamics both plummeting on the news that US is exempting more countries from a tariff on metal imports. The steel index fell to its lowest point since February 9 and is down 9.2% since Feb 28, the day when Trump announced plans to impose a 25% tariff on steel imports and a 10% tariff on aluminum imports. Analyst Phil Gibbs of Keybanc Capital Markets said, "People want to believe tariffs are good for U.S. steelmakers, on the other side of the coin they see exemptions and potential for demand uncertainty due to supply disruptions. Now there's exemptions unfolding and the gap is enormous. There's only one place for prices to go and that's down."
RDI Initiates Coverage on:
United States Steel Corporation
https://rdinvesting.com/news/?ticker=X
Steel Dynamics, Inc.
https://rdinvesting.com/news/?ticker=STLD
United States Steel Corporation shares closed down 10.99% on Thursday on nearly 22.8 million shares traded. The U.S. announced more countries that would be exempt from tariffs on metals imports but China did not make the list. It was yesterday that President Trump signed a presidential memorandum on Thursday that may impose tariffs on up to $60 billion of imports from China. It was on Friday that China retaliated and said that it has plans for reciprocal tariffs on 128 U.S. products which include wine, fruit, and steel.
Access RDI's United States Steel Corporation Research Report at:
https://rdinvesting.com/news/?ticker=X
Steel Dynamics, Inc. shares closed down 7.50% yesterday on roughly 2.9 million shares traded. The stock was one among many steel stocks to slip into the red on Thursday after Trump announced it would exempt more countries from tariffs on metal imports. It was recently that the president's administration decided to hold off on tariffs on steel and aluminum from Europe, Argentina, Brazil, Canada, Australia, Mexico, and South Korea. With China not on the list, traders were worried that this could escalate into a trade war. It was also this week that the Fed announced increased interest rates which means there could be an economic slowdown and a less demand for steel products. In other news, the company released guidance for the first quarter 2018 recently and is expecting earnings in the range of $0.88 to $0.92 per diluted share.
Access RDI's Steel Dynamics, Inc. Research Report at:
https://rdinvesting.com/news/?ticker=STLD
Our Actionable Research on United States Steel Corporation (NYSE: X) and Steel Dynamics, Inc. (NASDAQ: STLD) can be downloaded free of charge at Research Driven Investing.
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