SPDR® S&P Metals and Mining ETF

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  • Why the capacity utilization rate came down at Steel Dynamics
    Basic Materials

    Why the capacity utilization rate came down at Steel Dynamics

    One of the key metrics in the steel industry is the capacity utilization rate. It represents the actual production compared to the maximum possible production.

    By Mohit Oberoi, CFA
  • Why Rio Tinto has key advantages over its peers
    Basic Materials

    Why Rio Tinto has key advantages over its peers

    Rio is the largest owner and operator of autonomous—driverless—trucks in the world. These initiatives are part of Rio’s “Mine of the Future” program.

    By Anuradha Garg
  • uploads///steel productoin utilization ratio
    Macroeconomic Analysis

    US Steel Production Disappoints and Declines 7.2%

    The AISI releases the weekly steel production figures. Steel production in the US has declined 7.2% YoY in the first five months of this year.

    By Mohit Oberoi, CFA
  • uploads///architecture _
    Basic Materials

    What Should You Expect from U.S. Steel’s 1Q18 Earnings?

    1Q18 earnings season is in full swing. So what should you expect for U.S. Steel?

    By Mohit Oberoi, CFA
  • Basic Materials

    Must-know: Is the share buyback the right thing to do?

    Cliffs Natural Resources’ (CLF) new management changed the terms of its debt agreement to repurchase the company’s shares. The shares are worth up to $200 million.

    By Anuradha Garg
  • uploads///US_Volumes
    Basic Materials

    Why Cliffs Raised Guidance for US Volumes

    US iron ore (or USIO) is the main driver for Cleveland-Cliffs’s (CLF) top and bottom lines.

    By Anuradha Garg
  • uploads///Base Metals
    Company & Industry Overviews

    All of the Base Metals Recovered Except for Tin

    After a string of losing days, base metals recovered on January 13, 2016. Except for tin, all of the base metals rose on January 13 in the LME.

    By Val Kensington
  • uploads///Aggregate financing
    Basic Materials

    How China’s Credit Growth Could Progress in 2018

    Aggregate financing in China (MCHI) came in at 1.6 trillion yuan in November 2017.

    By Anuradha Garg
  • uploads///Commo
    Miscellaneous

    Commodities Are Mixed in the Early Hours on March 19

    At 6:05 AM EST on March 19, the West Texas Intermediate crude oil futures for May 2018 delivery were trading at $62.20 per barrel—a drop of 0.34%.

    By Val Kensington
  • uploads///
    Company & Industry Overviews

    Base Metal Miners Recover

    In the week ended December 26, the equities of all major base metal miners gained, recovering from losses in the week prior.

    By Val Kensington
  • uploads///Copper
    Basic Materials

    Copper Rose to 1-Month High Price Levels on September 20

    At 1:15 PM EST on September 20, the COMEX copper futures contract for December delivery rose ~0.35%. It was trading at $2.16 per pound.

    By Val Kensington
  • uploads///steel imports
    Basic Materials

    Steel Imports Reach Record Levels In October

    Compared to the first ten months of last year, steel imports are up by more than 35%. This is an alarming situation.

    By Mohit Oberoi, CFA
  • uploads///Aggregate financing
    Macroeconomic Analysis

    China’s Credit Growth Metrics Also Worsen in April

    China’s credit growth clearly has been weaker than expected, especially given the recent easing measures adopted by the government.

    By Anuradha Garg
  • uploads///part
    Basic Materials

    Alcoa’s 2Q16 Earnings: What Can Investors Expect?

    Alcoa (AA) is expected to release its 2Q16 earnings on July 11. The company is in the final stages of its split, which will create two new entities.

    By Mohit Oberoi, CFA
  • uploads///part  china production
    Basic Materials

    Your Key Steel Events to Follow This Week

    China’s October fixed asset investment, real estate investment, and industrial production data are all expected to be released on November 14.

    By Mohit Oberoi, CFA
  • Basic Materials

    Must-know: Key risks that AK Steel investors face

    The increased use of aluminum in vehicles is a threat for AK Steel (AKS). The automotive industry accounts for ~26% of steel consumption in the U.S.

    By Mohit Oberoi, CFA
  • uploads///Productivity
    Basic Materials

    Why BHP focuses on productivity

    Under equipment, the focus is on increasing availability, utilization, and rate. A 6% increase in utilization helped achieve a 9% increase in group production in FY14.

    By Anuradha Garg
  • uploads///China interest rates
    Basic Materials

    How does Chinese credit easing help iron ore names?

    The immediate impact of Chinese credit easing was seen as China’s iron ore and rebar futures posted their strongest gains in three weeks.

    By Anuradha Garg
  • uploads///Industrial output
    Basic Materials

    China’s industrial output growth slows in November

    FAI is a good indicator of how much investment occurs in a country or region. It’s a closely watched indicator of construction activity in China.

    By Anuradha Garg
  • uploads///oil rigs fall
    Macroeconomic Analysis

    U.S. Steel Faces A Tough Year With Rig Counts On A Downward Spiral

    Let’s first consider why investors should monitor rig counts. Well, rig counts tell you how many rigs are currently active for drilling.

    By Mohit Oberoi, CFA
  • uploads///crude
    Basic Materials

    Why the outlook for US Steel’s tubular goods is positive

    With the recent imposition of anti-dumping duties, imports of tubular goods will likely decrease, helping U.S. Steel’s revenue in the tubular segment to increase.

    By Mohit Oberoi, CFA
  • uploads///Copper
    Macroeconomic Analysis

    Copper Remains Stable as Brexit Fears Eased

    Although the fundamentals are not as supportive of the Market’s sentiment, the weakness of the dollar and decreased anxiety over the Brexit vote helped copper on Friday.

    By Val Kensington
  • uploads///China crude steel production
    Macroeconomic Analysis

    China’s Crude Steel Production Impacts Iron Ore Miners Like Vale

    Since 98% of mined iron ore goes into making steel, it’s important to track steel production. China consumes two-thirds of seaborne iron ore.

    By Anuradha Garg
  • uploads///DRI
    Basic Materials

    Key takeaways from Nucor’s 3Q14 cost structure

    Due to an increase in electricity costs, Nucor’s energy cost per ton of steel in 3Q14 went up by almost $1 from the corresponding quarter last year.

    By Mohit Oberoi, CFA
  • uploads///cOPPER
    Macroeconomic Analysis

    Why Did Copper Ignore Stimulus from China?

    Copper prices experienced a roller coaster ride on Monday after important market-moving news from China.

    By Val Kensington
  • uploads///part  cash flows
    Basic Materials

    It’s Raining Cash for U.S. Steel amid Strong Markets

    AK Steel (AKS) generated free cash flow of $147.0 million in 2Q17 compared to $3.8 million in 1Q17. It generated free cash flow of $111.0 million in 2Q16.

    By Mohit Oberoi, CFA
  • uploads///Japan imports
    Macroeconomic Analysis

    Japanese iron ore imports were flat year-over-year in 2014

    Japan accounts for 10%–13% of the seaborne market, so Japanese iron ore imports are another good indicator of demand.

    By Anuradha Garg
  • Basic Materials

    Why is the market reacting?

    Market analysts have started turning bearish on Cliffs Natural Resources (CLF). There are many downgrades. The target price has been revised down in recent weeks.

    By Anuradha Garg
  • Basic Materials

    Why the demerger of non-core assets makes sense for BHP

    BHP had been contemplating whether to sell the non-core assets or go for a demerger. Finally, the company decided in favor of a demerger on August 15. The proposed company will likely have assets in the range of $12–$20 billion.

    By Anuradha Garg
  • uploads///Miners
    Macroeconomic Analysis

    Base Metal Miners on Tuesday, March 22: Some Up, Some Down

    Freeport-McMoRan (FCX), one of the largest copper miners, rose for the second consecutive trading day on Tuesday, March 22, 2016. It closed the day at $10.99, a rise of 1.8%.

    By Val Kensington
  • uploads///Freeport
    Macroeconomic Analysis

    Why Did Merrill Lynch Resume Coverage of Freeport-McMoRan?

    On Wednesday, March 2, 2016, Merrill Lynch resumed Freeport-McMoRan’s (FCX) coverage, with a neutral rating and a price target of $9.

    By Val Kensington
  • uploads///FCF Estimates
    Basic Materials

    Factors That Could Cause an Upside to CLF’s Free Cash Flow in 2017

    Cleveland-Cliffs’ management noted during its 4Q16 earnings call that it is expecting to generate FCF of $550 million in 2017.

    By Anuradha Garg
  • uploads///part
    Macroeconomic Analysis

    Copper Prices Hold at $4,500 amid Commodity Meltdown

    Copper has been on a downtrend for nearly two months. The goodwill generated by supply cuts by major miners failed to last beyond a month, and copper again resumed its downtrend.

    By Mohit Oberoi, CFA
  • uploads///part
    Basic Materials

    Key Indicators US Steel Investors Should Track in 3Q17

    Steel stocks have been consolidating for the last few trading sessions. But so far, they’re having a tepid year.

    By Mohit Oberoi, CFA
  • uploads///debt levels
    Macroeconomic Analysis

    Alcoa’s Leverage Ratio Misses The Mark

    Alcoa’s leverage ratio has increased over 2Q 2014. This basically means that the proportion of debt in Alcoa’s capital structure has increased.

    By Mohit Oberoi, CFA
  • Basic Materials

    Why Alcoa is improving its competitive position

    Alcoa idled several smelting plants since 2007. Its aluminum smelting capacity has come down by 28% over the period. Most of these smelters had high unit production costs.

    By Mohit Oberoi, CFA
  • uploads///part
    Basic Materials

    Why China Is Finding It Difficult to Export Its Steel Woes

    China’s steel and aluminum overcapacity has earned it the ire of several countries.

    By Mohit Oberoi, CFA
  • uploads///part  ebitda
    Basic Materials

    ArcelorMittal’s 4Q17 Earnings versus U.S. Steel

    Previously in this series, we’ve compared steel companies’ 4Q17 shipments and average selling prices (or ASPs).

    By Mohit Oberoi, CFA
  • uploads///ana abad  unsplash
    Company & Industry Overviews

    Why Vale’s Iron Ore Margins Should Remain Supported

    In this series, we’ll see how Vale is planning to deal with the current volatile commodity price environment.

    By Anuradha Garg
  • uploads///Quarterly production
    Macroeconomic Analysis

    What Does the Current Supply Outlook Mean for Iron Ore Prices?

    The weak demand from China is hurting iron ore prices. The supply side, on the other hand, remains quite strong.

    By Anuradha Garg
  • Basic Materials

    Why did the Cliff’s share price rally?

    Iron ore prices are down 19% year-over-year (or YoY) and coal prices are down 30% YoY—volumes were also down YoY, but the stock rallied 7% in a single trading session the next day of the earnings call and up 3% the subsequent trading day.

    By Anuradha Garg
  • Consumer

    Must-know: Why coal producers are wary of the EPA’s proposal

    Generally, natural gas burns more cleanly than coal. Coal has the highest carbon intensity among major fossil fuels.

    By Alex Chamberlin
  • uploads///base metals
    Company & Industry Overviews

    Base Metals Continue to Rise in the London Metal Exchange

    The base metals found some relief on January 13, 2016. They carried the same positive sentiment to January 14. All of the base metals rose in the LME.

    By Val Kensington
  • uploads///part
    Macroeconomic Analysis

    January Steel Imports: Should We Cheer or Worry?

    Steel executives have been regularly blaming the steep rise in US steel imports as the main reason for their woes. Last year, three companies presented their cases before members of Congress.

    By Mohit Oberoi, CFA
  • Basic Materials

    Must-know: The biggest risk US steel companies face

    Strong steel demand should turn into higher revenues for U.S. steel companies. However, rising imports have impacted steel demand.

    By Mohit Oberoi, CFA
  • Basic Materials

    Solid performance of U.S. Steel’s flat-rolled segment

    The increase in U.S. Steel’s profits at the flat-rolled segment was due primarily to Carnegie Way benefits. The company is expected to operate at higher utilization levels in the coming quarters. This is a positive sign for U.S. Steel (X) investors.

    By Mohit Oberoi, CFA
  • Basic Materials

    Must-know: Why Brazilian iron ore exports fell 9% in August

    Brazilian exports show how much volume is shipped out of Brazilian ports to China and the rest of the world. Along with exports from Port Hedland, Australia, this is an important supply side indicator.

    By Anuradha Garg
  • uploads///
    Fund Managers

    What Do Fundamental Bulk Shipping Indicators Say?

    The BDI (Baltic Dry Index) is a leading indicator for the bulk shipping industry. It’s a measure of the cost of shipping major bulk commodities on a number of shipping routes.

    By Santiago Solari
  • uploads///part
    Company & Industry Overviews

    AK Steel Hovers above 2015 Lows: Still among Steel’s Worst

    AK Steel (AKS) is still marginally above its 2015 lows. But it’s still among the worst performing steel companies in 2015.

    By Mohit Oberoi, CFA
  • uploads///Iron ore companies performance
    Macroeconomic Analysis

    Iron Ore Pricing Pressures Likely to Persist

    Almost all of the iron ore miners are cutting costs, which is driving the cost curve down. This will put additional pressure on prices.

    By Anuradha Garg
  • uploads///comparative
    Basic Materials

    Aluminum company metrics compared

    Trading on the London metal exchange determines the price for primary aluminum. Any increase in the price of aluminum benefits companies that produce primary aluminum.

    By Mohit Oberoi, CFA
  • uploads///Chinas Industrial Production in November
    Miscellaneous

    China Moves from Manufacturing to Consumption: Impact on Iron Ore

    Over the past few months, we’ve seen that China (MCHI) (ASHR) is transitioning from a manufacturing-based to consumption-based economy.

    By Anuradha Garg
  • Basic Materials

    Overview: US Steel’s performance versus its peers

    Lower margins are a reflection of the efficiency of a company.

    By Mohit Oberoi, CFA
  • uploads///part  imports
    Company & Industry Overviews

    What Could Lift U.S. Steel Corporation Stock from Its Slump?

    Although global steel prices have weakened this year, steel bulls expect the probe into steel imports to provide some sort of relief for US steel plays.

    By Mohit Oberoi, CFA
  • uploads///eu
    Basic Materials

    Must-know: Does the slowdown in Europe impact your investments?

    The GDP figures in the second quarter raised fears about the European Union’s sustainability growth. The ECB recognized the severity of the situation.

    By Mohit Oberoi, CFA
  • uploads///part  stld
    Basic Materials

    How Analysts Are Rating Steel Dynamics ahead of Its 3Q17 Earnings

    Steel Dynamics (STLD), the third largest US-based steel producer after Nucor (NUE) and U.S. Steel (X), is expected to release its 3Q17 earnings on October 18.

    By Mohit Oberoi, CFA
  • uploads///PART  US STEEL
    Earnings Report

    United States Steel: 1Q17 Was Terrible, but Could 2Q17 Be Better?

    Analysts expect United States Steel to post revenues of $2.98 billion in 2Q17. It posted revenues of $2.72 billion in 1Q17 and $2.58 billion in 2Q16.

    By Mohit Oberoi, CFA
  • uploads///part  china steel
    Company & Industry Overviews

    Should the Fall in Chinese Steel Prices Worry AK Steel?

    China is the world’s largest steel producer, consumer, and exporter. Last year, we saw a steep rally in Chinese steel prices.

    By Mohit Oberoi, CFA
  • uploads///Intro
    Basic Materials

    What to Expect from Cleveland-Cliffs’ 3Q17 Earnings

    Cleveland-Cliffs (CLF) is scheduled to release its 3Q17 results before the US market opens on October 20. In this series, we’ll look ahead to CLF’s earnings and management call.

    By Anuradha Garg
  • uploads///china
    Basic Materials

    Why the Chinese slowdown concerns steel plays the most

    China is the biggest steel consumer. It accounts for almost half of global steel consumption. The slowdown in Chinese steel consumption isn’t a healthy sign for global steel markets.

    By Mohit Oberoi, CFA
  • Basic Materials

    Must-know: Alcoa’s third quarter portfolio transformation

    Alcoa announced the acquisition of Firth Rixson. Firth Rixson is the largest jet engine ring manufacturer. It gets ~75% of its revenues from aerospace industries.

    By Mohit Oberoi, CFA
  • uploads///part  steel
    Basic Materials

    US Steel to China: Where Are the Capacity Cuts?

    Earlier this year, China announced capacity cuts in order to curtail its excess steel. The same commitment has been reiterated by China several times.

    By Mohit Oberoi, CFA
  • uploads///oil rigs fall
    Company & Industry Overviews

    Lower Crude Oil Prices Are Behind the Layoffs at U.S. Steel

    Lower crude oil prices are the primary reason behind falling oil rig counts. Leading energy companies have reduced their 2015 capital expenditure targets.

    By Mohit Oberoi, CFA
  • uploads///Iron ore companies performance
    Macroeconomic Analysis

    It’s Hard to Be Positive on Long-Term Iron Ore Price Fundamentals

    Vale SA will cut the high-cost iron ore production from its Southern and Southeastern systems by 25 million–30 million tons per year. Its 2015 iron ore guidance production is unchanged at 340 million tons.

    By Anuradha Garg
  • uploads///part  crc prices
    Basic Materials

    Must-Know: US HRC-CRC Spread Widens to Record Highs

    During its 2Q16 call, AK Steel (AKS) pointed to a “significant rise” in CRC steel imports from Turkey, Vietnam, and Australia.

    By Mohit Oberoi, CFA
  • uploads///China Steel production
    Miscellaneous

    Understanding China’s Monthly Record in Steel Production

    In April, China’s steel production surpassed the previous monthly record of 72 million achieved in March 2017 by producing 72.78 million tons.

    By Anuradha Garg
  • uploads///part
    Company & Industry Overviews

    How Do US Steel Industry Indicators Look amid 3Q16 Earnings?

    By analyzing how steel industry indicators are shaping up, you can get a sense of how steel companies could perform beyond the current quarter.

    By Mohit Oberoi, CFA
  • uploads///lme rules
    Macroeconomic Analysis

    2 Factors That Could Impact Aluminum Premiums In 2015

    Aluminum premiums are negotiated between aluminum warehouses and the end buyers. This makes them less susceptible to speculation.

    By Mohit Oberoi, CFA
  • uploads///comparative
    Basic Materials

    Must-know: Alcoa is placed better than other aluminum companies

    The aluminum process starts by extracting bauxite from the Earth’s crust. The bauxite is refined into alumina. Alumina is a key raw material—along with carbon and electricity.

    By Mohit Oberoi, CFA
  • uploads///last
    Earnings Report

    What Can Investors Expect from Steel Companies’ 2Q15 Earnings?

    AK Steel and U.S. Steel are expected to post a loss in 2Q15. U.S. Steel’s earnings have been hit because its tubular segment hasn’t been doing well.

    By Mohit Oberoi, CFA
  • uploads///US Steel prices
    Miscellaneous

    How Will Steel Prices in the US Impact Cliffs’ Realized Revenues?

    US steel has seen a change in fortunes this year. Trump’s win has been a positive catalyst for the industry.

    By Anuradha Garg
  • uploads///aluminum price
    Basic Materials

    Trouble Ahead For Alcoa? Halcyon Days Of 2014 Could Be Over

    Aluminum prices were strong for most of 2014. But OPEC changed all that last fall when it decided to maintain crude oil output levels.

    By Mohit Oberoi, CFA
  • uploads///architecture _
    Earnings Report

    Can 1Q18 Earnings Bring Relief to US Steel Investors?

    As the initial euphoria over President Trump’s Section 232 tariffs has died down, we’ve seen a selling spree in US steel stocks.

    By Mohit Oberoi, CFA
  • uploads///europe indicators
    Macroeconomic Analysis

    Europe’s Stagnant Industrial Production Impacts ArcelorMittal

    The industrial production has been stagnant for several quarters now. The slowdown in Europe also impacts mining giants like Rio Tinto (RIO) and BHP Billiton (BHP).

    By Mohit Oberoi, CFA
  • Miscellaneous

    Commodities Are Stable, Crude Oil Rose to 3-Week Highs

    Crude oil prices regained strength last week amid a decline in crude oil inventory levels and expectations of an extension of the supply cut agreement.

    By Val Kensington
  • Basic Materials

    Why investors need to understand the correction in metal shares

    Metal shares have had a dream run since mid-2013. Specifically, steel companies’ shares have been defying all the laws of gravity.

    By Mohit Oberoi, CFA
  • uploads///part  eps
    Basic Materials

    How U.S. Steel’s 2Q17 Performance Stacks Up against Its Peers

    It’s been a mixed earnings season for steel investors. Nucor and Steel Dynamics missed consensus earnings estimates. AK Steel and U.S. Steel posted better-than-expected earnings.

    By Mohit Oberoi, CFA
  • uploads///construction
    Macroeconomic Analysis

    Engineering Alcoa’s Success In 2015

    Alcoa’s engineered products and services In the previous part of this series, we discovered that the engineered products and services segment is Alcoa’s (AA) most profitable. In this part, we’ll look at two factors that will drive this part of the business in 2015. Non-residential construction Alcoa earns almost $1 billion in revenues from the non-residential construction industry. Non-residential construction is picking up, […]

    By Mohit Oberoi, CFA
  • uploads///debt challenging steel market
    Company & Industry Overviews

    Nucor’s Strong Position in the Challenging Steel Market

    The steel market has been challenging in 2015—prices crashed due to Chinese exports. But Nucor’s financial strength and high profit margins helped it cope.

    By Mohit Oberoi, CFA
  • uploads///China aluminum export
    Basic Materials

    China Has A Limited Impact On The Global Aluminum Industry

    Bauxite is the main raw material in aluminum production. China lacks high-quality bauxite reserves. Until last year, China was relying on bauxite from Indonesia.

    By Mohit Oberoi, CFA
  • uploads///Copper prod
    Earnings Report

    Rio Tinto Maintained Copper Production Guidance for 2015

    Rio Tinto (RIO) had combined its coal and copper divisions to form a single division earlier in the year. Together they contributed to 20% of RIO’s underlying EBITDA for 1H15.

    By Anuradha Garg
  • uploads///last
    Macroeconomic Analysis

    How Do Aluminum Inventories Work?

    Aluminum inventories with London Metal Exchange (or LME) registered warehouses have declined this year. Aluminum inventories have been on a decline for almost two years.

    By Mohit Oberoi, CFA
  • uploads///part  eps
    Basic Materials

    Alcoa Is Optimistic about Aluminum’s 2018 Outlook

    Alcoa (AA) reported its 4Q17 earnings on January 17, 2018, after the markets closed. The company posted an adjusted EPS of $1.04 in 4Q17.

    By Mohit Oberoi, CFA
  • uploads///steel imort  facts
    Macroeconomic Analysis

    3 Things That Will Affect Steel Imports In 2015

    The growth in steel imports in 2015 could be less spectacular. There are several reasons for this outlook. Let’s discuss them in detail.

    By Mohit Oberoi, CFA
  • uploads///construction
    Basic Materials

    Must-know: Why steel companies are celebrating

    While the Christmas season is still months away, steel companies have other reasons to celebrate. The steel sector has seen a lot of positive news over the past several months.

    By Mohit Oberoi, CFA
  • uploads///Valuation
    Company & Industry Overviews

    The Relative Valuation of Dry Bulk Companies

    Diana Shipping is proactively investing in vessels to take advantage of the current low point for vessel valuation, and it can most likely outlast a prolonged downturn. So its valuation appears more or less full.

    By Anuradha Garg
  • uploads///part
    Company & Industry Overviews

    Why Arconic Investors Can Find Solace in Alcoa’s Gains

    While Alcoa (AA) has seen upward price action following its split, Arconic (ARNC) has sagged. However, Arconic’s investors can still find some solace in Alcoa’s gains.

    By Mohit Oberoi, CFA
  • uploads///last valuations
    Company & Industry Overviews

    Aluminum Companies’ Valuation: Key Investor Takeaways

    Alcoa’s (AA) valuation has fallen over the last year. Currently, it trades at a discount to its five-year average. The valuation fell for a reason.

    By Mohit Oberoi, CFA
  • uploads///part  mt
    Miscellaneous

    How Analysts Are Rating ArcelorMittal Ahead of Its 2Q17 Results

    ArcelorMittal’s 2Q17 earnings ArcelorMittal (MT), the world’s largest steelmaker, is scheduled to release its 2Q17 earnings on July 27. Analysts polled by Thomson Reuters expect the company to post revenue of $17.4 billion in 2Q17. ArcelorMittal posted revenue of $16.0 billion in 1Q17 and $14.7 billion in 2Q16. ArcelorMittal’s 2Q17 EBITDA (earnings before interest, tax, […]

    By Mohit Oberoi, CFA
  • uploads///Comm
    Miscellaneous

    Why Are Commodities Mixed in the Early Hours?

    At 6:30 AM EST on April 27, the West Texas Intermediate crude oil futures contract for June 2017 delivery was trading at $49.16 per barrel—a fall of ~0.93%.

    By Val Kensington
  • uploads///part
    Macroeconomic Analysis

    Copper Industry Gets a Lift in 1H2015

    In this series, we’ll discuss recent copper industry indicators. We’ll see how copper prices have done in 2015. We’ll also discuss copper supply trends and demand.

    By Mohit Oberoi, CFA
  • uploads///part
    Earnings Report

    ArcelorMittal’s 3Q16 Earnings: What’s the Word on Wall Street?

    ArcelorMittal (MT), the world’s largest steelmaker, will release its 3Q16 earnings on November 8. It has been a remarkable year for the company.

    By Mohit Oberoi, CFA
  • uploads///Comm
    Miscellaneous

    Commodities Are Mixed in the Early Hours on April 25

    At 7:30 AM EST on April 25, the West Texas Intermediate crude oil futures contract for June 2017 delivery was trading at $49.26 per barrel—a gain of ~0.04%.

    By Val Kensington
  • uploads///valuation
    Basic Materials

    Can ArcelorMittal match U.S. Steel Corporation’s performance?

    U.S. Steel has almost identical problems as ArcelorMittal. Both had production through blast furnace routes, had high leverage ratios, and had their own iron ore mining.

    By Mohit Oberoi, CFA
  • uploads///Capacity Utilization
    Miscellaneous

    Do Steel Capacity Cuts in China Bode Well for Iron Ore Miners?

    China has been reeling under its overcapacity in the steel industry. In 2016, China planned to cut 45 million tons but wound up cutting 80 million tons.

    By Anuradha Garg
  • Basic Materials

    Why investors should know Cliffs’ outlook

    Cliffs Natural Resources (CLF) is mainly an iron ore producer. A small percentage of its revenue comes from metallurgical coal sales.

    By Anuradha Garg
  • uploads///part  china steel export
    Company & Industry Overviews

    Does U.S. Steel’s Turnaround Look Real This Time?

    China exported 8.1 million metric tons of steel in November 2016, a fall of 16.0% YoY (year-over-year). Its exports fell 14.6% YoY in October.

    By Mohit Oberoi, CFA
  • uploads///nfpvadp
    Consumer

    Can Investors Keep Forecasting the Final Non-Farm Payroll Correctly?

    ADP’s June non-farm payroll numbers indicated an increase of 172,000 jobs in the private sector. ADP’s non-farm payrolls have been mostly accurate.

    By David Meyer
  • uploads///stock _
    Basic Materials

    US Steel Stocks Pop after China Tariff Scare

    US steel stocks (XME) U.S. Steel Corporation (X) and AK Steel (AKS) are trading sharply higher today. Nucor (NUE) and Steel Dynamics (STLD) are also in the green.

    By Mohit Oberoi, CFA
  • uploads///Oil
    Macroeconomic Analysis

    Crude Oil Rose, Copper and Gold Were Weaker in the Early Hours

    At 5:35 AM EST, the West Texas Intermediate crude oil futures contract for January 2017 delivery was trading at $47.91 per barrel—a rise of ~5.9%.

    By Val Kensington
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