China Increasing Global Exports of Cheap Steel
The Paragon Report Provides Stock Research on Nucor and Steel Dynamics
(firmenpresse) - NEW YORK, NY -- (Marketwire) -- 09/26/12 -- The Steel Industry has struggled in 2012 as slow global economic growth has led to weak demand, especially in China. China, who accounts for approximately 50 of global steel production, forecasted an economic growth rate of 7.5 percent -- the lowest year-on-year growth projection in eight years. The Paragon Report examines investing opportunities in the Steel Industry and provides equity research on Nucor Corporation (NYSE: NUE) and Steel Dynamics, Inc. (NASDAQ: STLD).
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Steel stocks slumped earlier this week after analysts downgraded ratings for two producers. Current high U.S. steel prices are making imports an attractive alternative for customers. Domestic hot-rolled coil steel products have been priced as much as $108 per ton higher than those sold in southern Europe. Reuters has reported that China in recent weeks has increased global exports of steel, and even "sometimes at a loss."
"People are freaked out about China. They are producing near all-time-high levels and not consuming at nearly that rate and steel makers are unwilling to cut production," said Michelle Applebaum, an analyst with Steel Market Intelligence.
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Nucor and affiliates are manufacturers of steel products, with operating facilities primarily in the U.S. and Canada. Third quarter 2012 results are expected to be in the range of $0.30 to $0.35 per diluted share, for the third quarter of 2011 the company reported earnings of $0.57 per diluted share.
Steel Dynamics, Inc. is one of the largest domestic steel producers and metals recyclers in the United States based on estimated annual steelmaking and metals recycling capability. The company reported annual sales of $8.0 billion in 2011. The Board of Directors recently declared a quarterly cash dividend of $0.10 per common share.
The Paragon Report has not been compensated by any of the above-mentioned publicly traded companies. Paragon Report is compensated by other third party organizations for advertising services. We act as an independent research portal and are aware that all investment entails inherent risks. Please view the full disclaimer at:
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Datum: 26.09.2012 - 06:20 Uhr
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