Shares of steel producers US Steel (NYSE:X), AK Steel (NYSE:AKS) and Commercial Metals (NYSE:CMC) ended down significantly Friday, as concerns over a stronger US dollar and the possible reversal of rising steel prices motivated investors to take profits while they're still on the table.
Other steel companies were down to end the week, but the above three plunged the most.
Electric-arc furnace operators like Nucor (NYSE:NUE) and Steel Dynamics (NASDAQ:STLD) weren't under as much pressure, with STLD actually ended slightly up, and Nucor finishing down a little. Lower scrap prices helped prop them up some.
ArcelorMittal (NYSE:MT) was also closed down on Friday, but not as drastic as the top three.
ArcelorMittal closed Friday at $36.14, dropping $0.27, or 0.74 percent. Nucor closed at $47.97, falling $0.24, or 0.50 percent. Commercial Metals ended the session at $16.83, down $0.34, or 1.98 percent. AK Steel closed at $15.84, down $0.49, or 3.00 percent. US Steel ended the day at $58.17, losing $2.47, or 4.07 percent. Steel Dynamics closed at $18.95, gaining $0.03, or 0.17 percent.
Monday, February 7, 2011
Shares of US Steel (NYSE:X), AK Steel (NYSE:AKS), Commercial Metals (NYSE:CMC) Come Crashing Down
Labels:
AK Steel,
ArcelorMittal,
Commercial Metals,
Nucor,
Steel Dynamics,
US Steel
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