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Steel Stocks Recoup Losses after MT’s Earnings Lift Sentiments

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Part 2
Steel Stocks Recoup Losses after MT’s Earnings Lift Sentiments PART 2 OF 4

Your Key Steel Events: Week Ended November 10

Key events

On November 8, 2017—the same day that US President Trump landed in China—we got the Chinese October trade data. China’s exports rose 6.9% YoY (year-over-year), while its imports rose 17.2%. China exported 4.98 million metric tons of steel products in October, which was 35.2% lower than in October 2016.

Notably, October is the 14th-straight month in which Chinese steel exports have registered a yearly decline. Furthermore, China’s October steel exports were the lowest since February 2014. You can read China’s Lower Trade Deficit: A Nice Welcome Gift for Trump for a detailed analysis of China’s October trade data.

Your Key Steel Events: Week Ended November 10

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ArcelorMittal’s 3Q17 earnings

ArcelorMittal (MT), the world’s largest steelmaker, released its 3Q17 earnings on November 10 and reported revenues of $17.6 billion in 3Q17, compared with $17.2 billion in 2Q17 and $14.5 billion in 3Q16. ArcelorMittal reported adjusted EBITDA (earnings before interest, tax, depreciation, and amortization) of $1.9 billion in 3Q17, compared with $2.1 billion in 2Q17 and $1.9 billion in 3Q16.

ArcelorMittal’s 3Q17 earnings topped the analysts’ estimates for both top line and bottom line. The company’s performance in Europe looked encouraging, despite the seasonal slowdown that we typically see in the third quarter. You can read ArcelorMittal’s 3Q17 Earnings: What You Need to Know for a broad overview of ArcelorMittal’s 3Q17 earnings.

Among other steel producers (CLF), U.S. Steel (X) and Nucor (NUE) posted better-than-expected earnings, but AK Steel’s (AKS) 3Q17 earnings were lower than expected. AKS stock saw a selling spree after its 3Q17 earnings release.

We’ll look at the different data points that steel investors will be following this week. But in the next part, let’s see how analysts have changed their ratings of ArcelorMittal.

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