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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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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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.