United States Steel Corp. (NYSE: X) is surging after its earnings report. While earnings were half of what they were a year ago, the report was “less bad” than analysts expected. The full earnings analysis can be found here. What is interesting is the reaction we are seeing in the shares on what is not-as-bad-as-expected news.
U.S. Steel shares are now up more than 8% on the day at $20.43 and volume was more than 5 million shares in just a little over the first hour of trading. Can an industry leader lift all ships? Here is how the peer steel and base metal companies are performing so far today.
AK Steel Holding Corp. (NYSE: AKS) is up almost 4% at $5.25, versus a 52-week range of $4.44 to $11.79.
Nucor Corp. (NYSE: NUE) is up almost 2% at $39.21, against a 52-week range of $29.82 to $45.75.
Reliance Steel & Aluminum Co. (NYSE: RS) is up 3.4% at $51.94 against a 52-week range of $31.09 to $58.58.
Schnitzer Steel Industries Inc. (NASDAQ: SCHN) is up 1.7% at $28.90, against a 52-week range of $22.78 to $51.98.
Steel Dynamics Inc. (NASDAQ: STLD) is up less than 2% at $12.88 against a 52-week range of $8.78 to $16.66.
One interesting play is that ArcelorMittal (NYSE: MT) is not participating in the rally as its ADRs are down by 0.6% at $16.03, and its 52-week range is $13.28 to $29.93.
Alcoa Inc. (NYSE: AA) is not in the steel sector but it shares were down initially and now have listed higher by 0.5% at $8.49. Its 52-week range is $7.97 to $14.77.
JON C. OGG
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