Steel companies’ third-quarter earnings
The third quarter earnings season is in full swing. In the steel and iron ore space, AK Steel (AKS), Nucor (NUE), Steel Dynamics, and Cleveland-Cliffs (CLF) have reported their third-quarter earnings. Only Steel Dynamics posted better-than-expected earnings. Nucor and Cleveland-Cliffs’ earnings fell short of the expectations.
AK Steel missed its top-line and bottom-line estimates. The company also gave a dismal fourth-quarter guidance. AK Steel stock fell sharply on October 26. The markets gave a thumbs down to the company’s third-quarter earnings and fourth-quarter guidance. Read AK Steel’s Outlook Gets Gloomy after Earnings Miss for a broad overview of AK Steel’s third-quarter earnings.
Among other steel companies (SPY), U.S. Steel Corporation (X) and ArcelorMittal are slated to release their third-quarter earnings on November 1. Read U.S. Steel Corporation: What to Expect from Its Q3 Earnings to see what analysts expect from U.S. Steel Corporation’s third-quarter earnings.
US steel stocks have languished this year despite President Trump’s Section 232 tariffs. Although the companies have reported a spike in their third-quarter earnings and are using excess cash to reward shareholders in the form of dividends and share buybacks, investors haven’t warmed up to US steel stocks.
In this series, we’ll discuss AK Steel’s third-quarter earnings and the company’s outlook.