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US Steel Investors: Getting Ready for 3Q17 Earnings

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US Steel Investors: Getting Ready for 3Q17 Earnings PART 1 OF 7

US Steel Investors: Mark Your Calendars for 3Q17 Earnings

3Q17 earnings

We’re now getting into 3Q17 earnings season. Steel Dynamics plans to be the first major steel company to report its earnings, on October 18, followed by Nucor (NUE) on October 19. Commercial Metals Company is scheduled to release its fiscal 4Q17 earnings on October 26. Note that the company’s financial year runs from July to August. U.S. Steel (X) and AK Steel (AKS) are scheduled to release their 3Q17 results on October 31. ArcelorMittal (MT), the world’s largest steelmaker, is slated to release its 3Q17 results on November 10.

US Steel Investors: Mark Your Calendars for 3Q17 Earnings

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Market sentiment

Notably, steel companies’ 3Q17 earnings are coming at a time of pessimism in US steel markets (DIA)(DJIA-INDEX). Although there has been some weakness in the metals and mining space, steel stocks have especially come under pressure after the spectacular rally last year. After the “Trump trade” lifted steel stocks last year, market sentiment seems to be turning bearish toward US steel producers. Most US-based steelmakers are trading with year-to-date losses.

The change in sentiment isn’t surprising. Flat steel prices have fallen from their 2017 highs. Also, the markets are still awaiting the findings of the Section 232 probe ordered by the Trump administration. See Could US Steel Stocks Regain Momentum in October for some of the recent steel industry developments.

Series overview

In this series, we’ll see what analysts are projecting for the upcoming earnings from Nucor, Steel Dynamics, and Commercial Metals Company. Let’s begin by looking at Steel Dynamics’ 3Q17 earnings estimates in the next part of this series.

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