US steel investors
We’re currently in the 1Q18 earnings season, and Steel Dynamics (STLD) is expected to release its 1Q18 earnings on April 18 after the market closes. Nucor (NUE) is slated to release its earnings on April 19.
U.S. Steel Corporation (X) and AK Steel (AKS) are scheduled to release their 1Q18 results on April 30. ArcelorMittal (MT), the world’s largest steel producer, has scheduled its 1Q18 earnings release for May 11.
A subdued year
Overall, 2018 has been a subdued year for US steelmakers. The SPDR S&P Metals and Mining ETF (XME) has lost 2.6% so far in 2018 based on the April 11 closing prices. As the initial euphoria over the Section 232 tariffs that President Trump imposed in March has died down, we’ve seen a selling spree in US steel stocks.
Trump has temporarily exempted several regions, including the European Union and NAFTA,[1. North American Free Trade Agreement] from the Section 232 tariffs. The exempted countries accounted for almost two-thirds of US steel imports in 2017.
After the recent wave of selling in steel stocks, some analysts have turned bullish on the battered steel players. You can read How Analysts View Steel Stocks Ahead of Their 1Q18 Releases to explore how analysts have recently revised their recommendations.
In this series, we’ll see what analysts are expecting from Nucor and Steel Dynamics this earnings season. Both companies are scheduled to release their earnings in the coming week. We’ll begin by looking at Steel Dynamics’ 1Q18 earnings estimates in the next article.
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