US steel stocks climb on China tariff lift
( 2003-12-30 17:24) (Agencies)
Shares of U.S. steel companies climbed again Monday, continuing an advance that began Friday on news about China's decision to roll back tariffs on steel imports.
Gainers included shares of Allegheny Technologies Inc., which is based in Pittsburgh. The stock finished at $13.90, up 83 cents, or 6.4 percent, on the New York Stock Exchange. The closing level was a 52-week high that surpassed the prior high of $13.33 set Dec. 22.
Shares of Pittsburgh-based United States Steel Corp. closed at $36.83, up $1.11, or 3.1 percent, on the NYSE. The day's strongest level of $37.05 was a 52-week high topping the prior high of $35.94 set Friday. Last session, the U.S. Steel stock rose 3.6 percent, closing at $35.72.
Nucor Corp. shares finished at $57.65, up $1.41, or 2.5 per cent, on the NYSE Monday. The metals and mining company is based in Charlotte, N.C.
On Friday, China repealed taxes on U.S. steel imports, following the Bush administration's earlier decision to scrap 20-month-old steel tariffs on imports into the United States. Bush said the steel industry's stronger productivity and restructuring measures showed it didn't need the additional federal protection.
For some types of steel, prices are up 20 percent to 30 percent from their lows, Midwest Research analyst Brian Rayle. Prices have "improved dramatically off the lows of the summer," he added.
Also creating momentum are expectations of further consolidation within the industry.
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