Zacks Industry Outlook Highlights: ArcelorMittal, AK Steel Holding, Nucor and U.S. Steel - Press Releases
16 3월 2012 - 5:30PM
Zacks
For Immediate Release
Chicago, IL – March 16, 2012 – Today, Zacks Equity Research
discusses the Metals & Mining Industry, including
ArcelorMittal (MT), AK Steel Holding
Corporation (AKS), Nucor
Corporation (NUE) and U.S. Steel
Corp (X).
A synopsis of today’s Industry Outlook is presented below. The
full article can be read at
http://www.zacks.com/stock/news/71422/Metals+%26amp%3B+Mining+Stock+Outlook+%96+March+2012
As the major shareholder (about 60%) of the metals market, the
steel industry was severely bruised by the global economic
downturn. But the recovery has been swift and forceful. According
to the World Steel Association, world crude steel production was a
record 1,527 million tons (Mt) in 2011, outperforming the 2010
record of 1,414 Mt, a 6.8% jump.
China continues to retain its status as the largest steel producing
country, yielding almost half of the global output at 46%, and
growing 8.9% year over year. Japan, the second largest producer
country, however posted a 1.8% decline due to the earthquake.
The United States remained in the third position, producing 86.2 Mt
of crude steel, 7.1% higher than 2010 and comprising 6% of the
total global output.
North America’s crude steel production was 118.9 Mt, an increase of
6.8% on 2010. In Asia, overall growth was noted at 7.9% and
Europe rose 4.6%. As per January figures, in the current fiscal,
world crude steel production was 117 Mt, a 7.8% dip from January
2011 but flat with December 2011 levels.
Reflecting on the 2011 results of the steel companies in our
coverage
- ArcelorMittal (MT), AK
Steel Holding Corporation (AKS)
and Nucor Corporation (NUE) -- revenues
increased across the board due to higher average steel prices and
increase in shipments.
ArcelorMittal, the world’s largest steel producing company,
produced 91.9 million tons in fiscal 2011, representing 6% of the
world's steel output. ArcelorMittal’s 2011 sales increased 10% to
$94 billion and for AK Steel sales climbed 8% to $6.5 billion.
Nucor recorded sales increase of 21% to reach $20 billion.
In terms of profitability, Nucor stood tall with its fiscal 2011
EPS of $2.45, almost six fold the 42 cents earned in 2010.
ArcelorMittal’s EPS in fiscal 2011 plummeted 31% to $1.19. AK Steel
reversed its year-ago loss to earn 9 cents (excluding special
items) in 2011. U.S. Steel Corp (X),
though still in red, narrowed its fiscal 2011 loss per share to 47
cents from the year-ago loss of $3.36.
Currently, Nucor, United Steel and AK Steel retain a Zacks #3 Rank
(Hold) for the short term (1 to 3 months) that corresponds with our
Neutral recommendations in the long term. ArcelorMittal retains a
Zacks #4 Rank (Sell) and we have recently downgraded our long-term
recommendation from Neutral to Underperform.
The steel industry had been severely affected by the global
economic crisis. However, there were signs of a turnaround from the
second half of 2009 which continued into 2010 and 2011 at tandem
with global economic activity. Demand for steel products
nonetheless remains below pre-recession levels. We expect the
recovery to be slow and steady in 2012.
The steel companies expect volumes to improve in 2012 on recovering
demand from improving end-markets, backed by a recuperating global
economy. They expect operating results to significantly improve
from 2011 levels mainly driven by improved average realized prices
and higher shipments. Steel consumption is expected to grow in the
automotive, transportation, energy, industrial, and the
agricultural sectors.
The automotive and construction markets have historically been the
largest consumers of steel. The automotive sector is showing
significant promise. In February 2012, total motor vehicle sales
reached the highest level since February 2008 at 15.1 million SAAR
(Seasonally Adjusted Annual Rate). For the first two months of
2012, sales have averaged 14.6 million SAAR, outperforming the
Street expectations.
The construction sector has been a drag on the steel companies’
earnings. However, we see some early signs of recovery in
non-residential construction.
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AK STEEL HLDG (AKS): Free Stock Analysis Report
ARCELOR MITTAL (MT): Free Stock Analysis Report
NUCOR CORP (NUE): Free Stock Analysis Report
UTD STATES STL (X): Free Stock Analysis Report
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AK Steel (NYSE:AKS)
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AK Steel (NYSE:AKS)
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