uploads///part  price action

Steel Stocks Recoup Losses after MT’s Earnings Lift Sentiments

By

Dec. 4 2020, Updated 10:50 a.m. ET

Steel stocks

Steel stocks had another volatile week last week. It started on a positive note, and most steel stocks saw upwards price action last Monday. But steel market sentiments were mostly negative throughout the week.

On Friday, we saw some buying support in steel stocks after ArcelorMittal’s (MT) 3Q17 earnings, and positive commentary on steel markets boosted sentiments.

Article continues below advertisement

Price action

Among individual steel names (SPY) (SPX), Nucor (NUE) was the worst performing steel stock in our select group of steel stocks, losing 3.7% last week. U.S. Steel (X) gained 1.6% during the week, while AK Steel (AKS) closed almost flat.

Notably, AK Steel has underperformed most of its peers this year. The stock is trading with YTD (year-to-date) losses of 58.6%. While AK Steel is having a dismal year, its 3Q17 earnings miss provided further fodder to bears and the stock lost 21.5% after its 3Q17 earnings release. You can read Why AK Steel’s 3Q17 Earnings Triggered a Selling Spree for a broad overview of AK Steel’s 3Q17 earnings and guidance.

Several analysts downgraded AK Steel after its 3Q17 earnings miss. You can read Analysts Take a Fresh Look at US Steel Stocks after 3Q17 to see how analysts are rating leading steel stocks after their 3Q17 financial results.

Series overview

In this series, we’ll take a closer look at the major developments that impacted US steel stocks last week. We’ll also look at the key events that US steel investors should follow this week.

Advertisement

More From Market Realist

    • CONNECT with Market Realist
    • Link to Facebook
    • Link to Twitter
    • Link to Instagram
    • Link to Email Subscribe
    Market Realist Logo
    Do Not Sell My Personal Information

    © Copyright 2021 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.