US Steel industry outlook in May and June

  • Tuesday, July 16, 2019

  • Keywords:US steel, steel mills, steel stocks, price
[Fellow]However, June turned out to be a fairy tale month for steel stocks.

[Ferro-Alloys.comWe’re now midway into 2019. The US steel industry had a somber start to the year, and the sell-off only deepened as the year progressed. All major steel companies including U.S. Steel (X), AK Steel (AKS), Nucor (NUE), and Steel Dynamics (STLD) fell to their 52-week lows in May as the escalation in the US-China trade war rattled metal and mining investors.

However, June turned out to be a fairy tale month for steel stocks. Although steel stocks haven’t really gone through the roof as President Trump claimed in an interview, they saw a sharp rally in June, helping them recoup some of their losses. U.S. Steel, AK Steel, Nucor, and Steel Dynamics saw an upwards price action of 29.5%, 37.8%, 15.6%, and 21.0%, respectively, last month. ArcelorMittal (MT) also went up 22.5%. Barring U.S. Steel and ArcelorMittal, steel stocks that we’re discussing are now positive for the year.(marketrealist)


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