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Shares of AK Steel Corp. ran up 2.3% in premarket trade Monday, after the steelmaker reported first-quarter earnings and sales that beat expectations, and provided an upbeat outlook. Net income fell to $28.7 million, or 9 cents a share, from $84.4 million, or 26 cents a share, in the same period a year ago. The FactSet consensus for earnings per share was 1 cent. Revenue rose to $1.66 billion from $1.53 billion, above the FactSet consensus of $1.57 billion. Chief Executive Roger Newport attributed the results to a "favorable pricing environment" and "solid demand" across most of its end markets, including automotive. The company said it expects market conditions will strengthen in the second quarter, as carbon, stainless steel and tubular and stamping products should continue to benefit from the strength in the automotive market. "The high level of imports, particularly the ongoing surge of foreign electrical steel, remains a challenge and we will continue to work proactively with the Trump Administration to ensure fair and appropriate trade policies," Newport said. The stock has tumbled 16.1% year to date through Friday, while the S&P 500 has eased 0.1%.
AK Steel's stock jumps 2.1% premarket after Q1 results
AK Steel Q1 total shipments 1.43 mln tons vs. 1.46 mln tons a year ago
AK Steel sees market conditions continue to strengthen in Q2
AK Steel Q1 revenue $1.66 bln vs. $1.53 bln a year ago; FactSet consensus $1.57 bln
AK Steel Q1 FactSet EPS consensus 1 cent
AK Steel Q1 EPS 9 cents vs. 26 cents a year ago
AK Steel started at sell with $3.25 stock price target at UBS
The largest exchange-traded fund to track the metals and mining sector tumbled on Thursday, as concerns mounted over the Trump administration's trade policies. The SPDR S&P Metals & Mining ETF sank 5% and was on track for its biggest one-day percentage drop since September 2016. Among its biggest components, U.S. Steel Corp. fell 9.9% while AK Steel Holding was down 8%. Nucor Corp. was down 5.6%. Alcoa Inc. tumbled 6%. The VanEck Vectors Steel ETF was down 6%. Trade issues referred to the forefront of the market after President Donald Trump instructed the office of the U.S. Trade Representative to draw up a list of tariffs on Chinese products totaling up to $60 billion. The tariffs are expected to target sensitive technologies that the U.S. considers vital to the U.S. economy in the years ahead. The administration had previously called for tariffs on steel and aluminum.
The largest exchange-traded fund to track the metals and mining sector fell on Thursday, after President Donald Trump outlined a policy on tariffs that is scheduled to go into effect in 15 days. The SPDR S&P Metals & Mining ETF sank 1.9%, with metal stocks leading the way lower. United States Steel Corp. shed 2.6% while AK Steel Holding was down 3.4% and Nucor Corp. lost 2.9%. Century Aluminum sank 5.9%; it has dropped in nine of the past 13 days. Trump's tariff policy, which has been met with opposition from members of his own party, includes tariffs of 25% on steel and 10% on aluminum. The Dow Jones Industrial Average rose 0.2% while the S&P 500 was up 0.3% and the Nasdaq Composite Index jumped 0.3%.
Shares of steel and aluminum producers sank in afternoon trade Thursday, ahead of the expected signing by President Donald Trump of a somewhat softer tariff decree than the one announced last month following widespread pressure to change his tone. Shares of U.S. Steel Corp. dropped 3.6%, AK Steel Holding Corp. shed 4.7%, Nucor Corp. slid 3.5%, Steel Dynamics Inc. fell 3.6% and Commercial Metals Co. gave up 4.3%. Among aluminum producers, shares of Alcoa Corp. lost 1.8%, Century Aluminum Co. tumbled 9.1% and Kaiser Aluminum Corp. were down 1.5%. The SPDR S&P Metals & Mining ETF dropped 2.6%. Trump is expected to sign proclamations on steel and aluminum imports at 3:30 p.m. ET, with Trump saying he has the right to move the tariffs "up or down" depending on the country. On Feb. 16, the sector surged after Trump said he was planning a 25% tariff on steel imports from all countries and a 10% tariff on aluminum imports. The metals & mining ETF has now lost 3.7% since Feb. 16, while the S&P 500 has inched 0.2% lower over the same time.
Shares of steel and aluminum companies among the few sectors seeing broad gains Wednesday, as the resignation of Gary Cohn appeared to pave the way for President Donald Trump to push through the import tariffs. U.S. Steel Corp.'s stock surged 2.9% in afternoon trade. Meanwhile, Cowen analyst Novid Rassouli said U.S. Steel's announcement early Wednesday that it restart one of its two blast furnaces and the steelmaking facilities at its Granite City, Ill. plant "appears somewhat premature" given that Trump hasn't announced an official decision yet. Elsewhere, shares of AK Steel Holdings Corp. rose 0.9%, Steel Dynamics Inc. climbed 1.0% and Nucor Corp. rallied 2.0%. Among aluminum makers, shares of Alcoa Corp. gained 0.5% and Century Aluminum Co. advanced 2.5%. The S&P 500 was down 0.4%, with 7 of 11 key sector ETFs trading lower.
The largest exchange-traded fund to track the metals and mining sector fell on Friday, retreating from a sharp rally in the previous session that came after President Donald Trump unexpectedly announced tariffs on steel and aluminum would be institute next week. The SPDR S&P Metals & Mining ETF fell 1.3%, giving back some of the 2.5% gain it had on Thursday. Despite that rally, however, the fund remains down 2.2% on the week. Among its most notable components, United States Steel Corp. fell 4.3%, following a spike of nearly 6% on Thursday. Separately, Nucor Corp. was down 2% and Century Aluminum Co. shed 2.6%. The Dow Jones Industrial Average fell 1.4% while the S&P 500 was off 0.9% and the Nasdaq Composite Index was off 0.8%.
AK Steel's stock slips 0.4% premarket, after climbing 9.5% the previous session
An exchange-traded fund that tracks the metals and mining sector rallied on Thursday, after President Donald Trump said would institute tariffs on imports of steel and aluminum next week. The SPDR S&P Metals & Mining ETF gained 3.31% in volatile trading and was on track for its biggest one-day percentage advance since Feb. 14. According to the report, the U.S. will impose a 25% tariff on steel imports and a 10% tariff on aluminum imports. Among the components of the ETF, United States Steel Corp. spiked 7.4% while AK Steel Holding Corp. was up 10.1% and Nucor Corp. was up 3.2%. All were trading near their highs of the session and extended recent gains. U.S. Steel is up more than 32% thus far this year, compared with the 0.9% rise of the S&P 500 over the same period of time. Much of those gains started in mid-February, when the U.S. Commerce Department recommended a 24% tariff on steel imports from all countries, and a 7.7% tariff on aluminum imports, among other options. The Dow Jones Industrial Average fell 0.6% on Thursday while the S&P 500 was off 0.5% and the Nasdaq Composite Index was down 0.5%.
Shares of steel makers seesawed back to sharp gains in midday trade Thursday, after President Donald Trump said it would impose a 25% tariff on steel imports and a 10% import on aluminum imports. Shares of AK Steel Holding Corp. shot up 11.9%, U.S. Steel Corp. ran up 7.8%, Nucor Corp. climbed 3.2%, Commercial Metals Co. surged 5.5% and Steel Dynamics Inc. rallied 4.3%. Aluminum maker Alcoa Corp. shares rose 2.6%. The stocks had surged ahead of the open in anticipation of an announcement, the pulled back sharply in morning trade after a CNBC report that Trump won't announce tariffs, before rallying again. The stocks' gains comes as the S&P 500 shed 0.4% and the Dow Jones Industrial Average gave up 143 points.
The Trump administration’s decision to temporarily exempt several countries from new tariffs provides relief to some of the largest customers of imported steel: companies that import semi-finished steel slabs into the U.S.
Helped by domestic growth and demand, steel prices have advanced smartly this year, and should get a boost from the administration’s tariff proposal.
The world—China in particular—makes too much steel. But U.S. steel prices are already among the highest of major economies. Are more tariffs the answer?
A graphic look at selected stock activity for the week ended March 2, 2018. Includes AK Steel, Foot Locker, and L Brands.
Aluminum and steel producers hope tariffs under consideration by the Trump administration will heat up demand for their products, but the U.S. remains an expensive place to make the metals.
The Trump administration said it is considering sweeping new limits on imports of steel and aluminum as the next phase of its “America First” economic policies, playing down warnings from economists and allies about the risks of higher prices and trade wars.
AK Steel idled its Ashland Works plant in response to falling steel prices in 2015.
Cleveland-Cliffs (CLF) has come a long way with respect to its financial leverage.
Rough day for steel sector as U.S. Steel plunges 15%
AK Steel is expected to post adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) of $103 million in 1Q18.
AK Steel’s 1Q18 average selling price guidance during its 4Q17 earnings event miffed analysts.
AK Steel (AKS) is scheduled to release its 1Q18 earnings on April 30.
U.S. Steel Corporation released its 1Q18 results yesterday after markets closed.
Cleveland-Cliffs’s realized revenues during 1Q18 came in at $105 per ton, which represents very strong growth of 32% year-over-year (or YoY).
US iron ore (or USIO) is the main driver for Cleveland-Cliffs’s (CLF) top and bottom lines.
AK Steel (AKS) is seeing favorable earnings estimate revision activity as of late, which is generally a precursor to earnings beat.
Cleveland-Cliffs (CLF) reported first-quarter revenues of $239 million, a decline of 48% year-over-year (or YoY).
U.S. Steel Corporation (X) is scheduled to release its 1Q18 earnings on April 30. In this part of our series, we’ll look at U.S. Steel’s forward EV-to-EBITDA ratio ahead of its 1Q18 earnings.
In the previous parts of this series, we’ve looked at U.S. Steel Corporation’s (X) 1Q18 earnings estimates. In this article, we’ll look at the key updates that markets might watch for on the company's earnings call.
Hot-rolled coil (or HRC) prices are one of the important variables in Cliffs contracts with its customers.
We’ve seen significant volatility in markets this year.
In this article, we’ll see what analysts are projecting for U.S. Steel Corporation’s (X) 1Q18 free cash flows.
Previously in this series, we’ve looked at U.S. Steel Corporation’s (X) 1Q18 revenue estimates. In this article, we’ll look at its 1Q18 earnings estimates and stack them up against the company’s guidance.
While politicians’ policy decisions have always affected markets, geopolitics haven't dominated stocks in recent history as much as we’ve seen this year.
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AK Steel Holding Corp. engages in the production of flat-rolled carbon; stainless and electrical steels; and tubular products through its wholly-owned subsidiary, AK Steel Corp. The firm operates steelmaking and finishing plants; coke plants; and tube manufacturing plants. It also produces metallurgical coal. The company was founded in 1993 and is headquartered in West Chester, OH. (See Full Profile)
Name | Chg % | Market Cap |
---|---|---|
Schnitzer Steel Industries Inc. | $813.18M | |
Universal Stainless & Alloy Products Inc. | $215.51M | |
Steel Dynamics Inc. | $10.76B | |
Ampco-Pittsburgh Corp. | $128.56M | |
Carpenter Technology Corp. | $2.58B |