US steel industry indicators
The 4Q16 earnings season is nearly over, and most steel companies have reported their earnings for the quarter. While 2016 was a phenomenal year for US steel companies (XME) (MT), most saw selling pressures after their respective 4Q16 earnings releases.
Steel Dynamics (STLD) and AK Steel (AKS) both saw negative price action after their respective 4Q16 earnings releases. Steel Dynamics missed its consensus earnings estimates. AK Steel saw selling pressure due to its weak outlook, despite the fact that it beat consensus earnings estimates.
Somber earnings season
Nucor (NUE) and U.S. Steel Corporation (X) released their 4Q16 earnings on January 31, 2017. Both companies saw selling pressures despite their posting better-than-expected earnings. Read Key Takeaways from U.S. Steel’s 4Q16 Earnings to find out more about U.S. Steel’s 4Q16 financial performance.
You can also read Your Comparative Analysis of Steel Companies’ 4Q16 Earnings to analyze how different steel companies fared in the quarter.
In this series, we’ll look at recent steel industry indicators, analyze how steel is shaping up, and gather a sense of how steel companies could perform beyond the current quarter. Because commodity prices are affected by domestic and global dynamics, we’ll also look at domestic and international economic indicators.
Because lower imports have been key drivers of US steel prices, steel investors need to follow monthly steel import data releases. Continue to the next article for a detailed analysis of January’s steel import data.