US steelmaker shares slide as metal price may decline
Saturday, 24 Oct 2009
Bloomberg reported that Nucor Corporation, Reliance Steel & Aluminum Co and US Steel Corporation all dropped on the New York Stock Exchange after metal makers said prices may fall following four months of gains.
As per report, Nucor dropped 4% after saying it has seen no improvement in steel demand and may have reduced operating volumes this quarter. Reliance fell 3.3% after offering no fourth quarter profit forecast and saying prices may decline. US Steel, which reports third quarter results next week, declined 1.1%.
Mr Dan DiMicco CEO of Nucor said that "There is a definite softening on flat rolled pricing in the marketplace. We may have experienced the peak in pricing at the end of the third quarter and the beginning of the fourth quarter when it comes to flat rolled."
Nucor fell by USD 1.82 to USD 44.18 in New York Stock Exchange composite trading. Reliance dropped USD 1.43 to USD 42.24. Pittsburgh based US Steel dropped 48 cents to USD 41.63. AK Steel Holding Corporation and Allegheny Technologies Inc also declined.
