For a long time, US steel producers blamed Chinese steel exports for depressing prices. However, Chinese exports have fallen sharply this year.
Today, China released its November trade data. The data has assumed even greater significance amid the US-China trade war and China’s slowdown concerns.
Apart from all of the synergies and strategic rationales, CLF’s current management team, especially Goncalves, might be the X factor for the transaction.
Alcoa has lost more than a quarter of its market capitalization this year. Aluminum and alumina prices have been weak, which impacted aluminum producers.
Yesterday, Cleveland-Cliffs (CLF) announced that it would acquire AK Steel (AKS) at a premium of 16% over both stocks’ December 2 closing prices.
President Trump tweeted that the Section 232 steel and aluminum tariffs would be restored for Brazil and Argentina. Could this Santa Claus rally continue?
Yesterday, the World Steel Association released data that showed global steel production falling YoY (year-over-year) in October.
Cleveland-Cliffs (CLF) stock has risen 12.7% this month. The stock has risen 9.2% YTD (year-to-date) based on its closing prices on Tuesday.
Based on yesterday’s closing prices, U.S. Steel Corporation (X), AK Steel (AKS), and Nucor (NUE) were up 20.2%, 14.8%, and 3.8%, respectively, this month.