29.30 +0.02 (0.07%)
After hours: 4:00PM EST
|Bid||0.00 x 800|
|Ask||0.00 x 800|
|Day's Range||28.99 - 30.12|
|52 Week Range||28.99 - 39.62|
|PE Ratio (TTM)||N/A|
|Beta (3Y Monthly)||1.60|
|Expense Ratio (net)||0.35%|
While copper prices have been weak in 2018, higher gold shipments have helped Freeport-McMoRan (FCX) post higher earnings in the last few quarters. The company posted an adjusted EBITDA of $1.8 billion in the third quarter. The company’s EBITDA in the last 12 months ending on September 30 is $7.9 billion.
As we noted in the previous part, US-based aluminum producers including Alcoa (AA) and Century Aluminum (CENX) have seen a selling spree this year despite President Trump’s Section 232 tariffs. Aluminum prices have also come under pressure. In this part, we’ll see what has been impacting aluminum prices.
As we saw in the previous part of this series, iron ore prices have stood their ground despite growing headwinds for China (FXI). As we discussed in the previous part, one of the factors driving iron ore’s resilience is the stocking up by mills ahead of winter production curbs. As restocking completes and winter cuts kick in, the demand for iron ore from China could take a hit.
Since the start of this year, there has been a severe fall in the prices of almost all commodities (COMT) like copper, nickel, lead, cobalt, and gold (GLD). Factors such as the stronger US dollar (UUP), higher interest rates, weakness in emerging markets, and increasing trade tensions have been the major reasons for the slump in commodities. The trade war has started taking its toll on China (FXI), which is a negative for commodities, as China is the mainstay for many commodity producers.
Steel Dynamics (STLD) released its third-quarter earnings on October 17 and held its earnings call the next day. The company reported revenues of $3.22 billion in the third quarter—compared to $3.09 billion in the second quarter and $2.44 billion in the third quarter of 2017. The company generated an EPS of $1.69 in the third quarter. The company posted an EPS of $1.53 in the second quarter and $0.64 in the third quarter of 2017. Steel Dynamics posted a record adjusted EBITDA and operating income during the third quarter. ...
During the third-quarter earnings release, U.S. Steel Corporation (X) announced a $300 million share buyback program. Steel Dynamics (STLD) and Nucor (NUE) also have share buyback programs in place. Cleveland-Cliffs (CLF) reinstated its dividend during its third-quarter earnings release.
U.S. Steel Corporation (X) released its third-quarter earnings on November 1. The company’s steel shipments were 3.94 million tons in the third quarter—similar to the sequential quarter. The company reported shipments of 3.79 tons in the third quarter of 2017. The company’s Flat-Rolled segment reported an average steel selling price of $859 per ton during the quarter—a sequential rise of 4.9%.
U.S. Steel Corporation (X) released its third-quarter earnings on November 1 after the markets closed. The company held its earnings call the next day. U.S. Steel Corporation’s earnings were in line in its guidance. While Cleveland-Cliffs (CLF) and Nucor’s (NUE) third-quarter earnings were slightly short of analysts’ expectations, AK Steel’s (AKS) earnings fell well short of analysts’ top and bottom-line estimates. The markets also punished the stock after its third-quarter earnings release. ...
Cleveland-Cliffs (CLF) announced the closure of the sale of its Asia-Pacific iron ore assets to Mineral Resources on August 28. Through this final step, its direct exposure to the volatile seaborne iron ore market is over. CLF is primarily a US-based (DIA) (IVV) iron ore pellet producer and should be valued as such. However, seaborne iron ore prices affect it indirectly. Chinese steel demand is the largest factor affecting seaborne iron ore prices.
US steel production is the key factor driving US steelmakers’ (SLX) (XME) revenues. Investors track production data to get a sense of the direction of overall volumes.
In the previous articles, we looked at indicators pertaining to the US steel industry. Steel production is a key metric that investors should track, as it gives insight into the supply side of the equation. According to the World Steel Association, global steel production rose 4.4% YoY in September.
As noted in the previous article, US steel imports fell sharply last month largely led by lower imports of semi-finished steel products. In this article, we’ll see how imports of some of the finished steel products played out last month.
Can Iron Ore Maintain Its Price Momentum amid China's Slowdown? China’s manufacturing growth in October was at its weakest level in over two years. The PMI reading for China was the lowest since July 2016.
U.S. Steel Corporation (X) has received a “strong buy” rating from four analysts, while five analysts have rated it as a “buy.” Six analysts have rated U.S. Steel Corporation as a “hold” or some equivalent, while two analysts polled by Thomson Reuters on October 24 rated the stock as a “sell.”
In the previous part, we saw that U.S. Steel Corporation’s (X) earnings guidance could be part of the company’s third-quarter earnings call. In this part, we’ll look at a few other updates that markets might watch in the company’s third-quarter earnings call.
Aluminum prices topped the $2,500 per metric ton level in April amid Rusal sanctions. Alumina prices have been more volatile than aluminum prices (XME). The global alumina markets have been rocked by a series of supply disruptions this year, especially at Norsk Hydro’s (NHYDY) Alunorte refinery.
U.S. Steel Corporation (X) is scheduled to release its third-quarter results on November 1. In the previous part, we discussed analysts’ projections for the company’s third-quarter earnings. In this part, we’ll see what the market expects from U.S. Steel Corporation’s third-quarter earnings call.
In this part, we’ll discuss U.S. Steel Corporation’s (X) third-quarter EBITDA estimates compared to the company’s guidance. Looking at other steel companies, while Steel Dynamics (STLD) posted better-than-expected earnings, Nucor (NUE) and Cleveland-Cliffs’ (CLF) earnings were below the expectations.
Now, we’re into the third-quarter earnings season. So far, the third quarter has been a mixed earnings season for US steel investors. While Steel Dynamics posted better-than-expected earnings, Nucor (NUE) and Cleveland-Cliffs (CLF) missed analysts’ estimates. AK Steel (AKS) is scheduled to release its third-quarter earnings on October 25 after the markets close. Read AK Steel: Will Its Q3 Earnings Turn Things Around? to see what analysts project for AK Steel’s third-quarter earnings.
AK Steel (AKS) is slated to release its third-quarter earnings on October 25. The company is scheduled to hold its earnings call on October 26. U.S. Steel Corporation (X) and ArcelorMittal (MT) are expected to release their third-quarter earnings on November 1. In this part, we’ll look at the key updates that markets will likely watch in AK Steel’s third-quarter earnings call.
Is the Sell-Off in US Steel Stocks Overdone? To sum it up, concerns over China’s slowdown and falling steel prices have been playing heavily on investors’ minds. U.S. Steel Corporation (X) and AK Steel (AKS) have fallen 19.7% and 15%, respectively, this year.
Freeport-McMoRan (FCX), the leading US-based copper miner (XME), is expected to release its third-quarter earnings on October 24. In this series, we’ll see what analysts are expecting from Freeport’s third-quarter earnings results. The year has been a lackluster one for Freeport as well as the broader metals and mining space.
Is the Sell-Off in US Steel Stocks Overdone? As we’ve already seen in this series, there’s been a sell-off in US steel stocks, including Nucor (NUE), U.S. Steel Corporation (X), and AK Steel (AKS). In the previous part, we looked at some of the domestic factors that could be making investors bearish on US steel stocks (XME).
Alcoa (AA), the leading US-based aluminum producer, released its Q3 2018 earnings yesterday, October 17, after the close of markets (XME). Century Aluminum (CENX) is scheduled to release its third-quarter earnings on October 25. Alcoa’s Q3 earnings were better-than-expected, and the stock was trading sharply higher in after-market trading yesterday.