Shares
of several large cap metal stocks soared on Tuesday as Shares of United States
Steel Corporation (NYSE:X) rose 8.50 percent in mid day session after the
company reported a fall in the first quarter income that was still above
analyst expectations.
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Analysis on The
Steel Sector
The
steel maker's net income fell more than half on depressed demand to $101
million or 62 cent a share from $222 million or $1.33 a share a year ago.
Revenues fell 2 percent to $5.20 billion, the company said.
Wall
Street analysts had estimated a net income of 48 cents on revenues of $5
billion.
Globally
steel makers have been hit by a rise in raw material prices even as demand was
slowing down due to the global crisis. The company, which counts Europe as one
of its core markets, said that economic conditions in the continent hit its
earnings in the quarter just gone.
The
Pittsburgh-based steel maker forecast a slower second quarter but expected to
make an operating profit.
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Analysis
Other
steel companies such as Nucor Corp, AK Steel Holding Corp and ArcelorMittal had
reported disappointing quarterly results.
Steel
Dynamics, Inc.(NASDAQ:STLD) added +0.26 (2.01%) to 12.95, AK Steel Holding
Corporation(NYSE:AKS) soared +0.26 (5.16%) to $5.30 and Nucor Corporation(NYSE:NUE) gained 1.92%
to $39.24.
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