There are plenty of shrills piling on the poor 1Q numbers by Joy Global this AM before the market opened. I have to wonder when the “masters of the obvious” will acknowledge that we didn’t learn anything new today from JOYG that we didn’t price in 3 months ago.
The boom-and-bust cycle in the shipping sector has far-reaching consequences. But even if the Chinese economy keeps pumping along, it may not entail bullish days ahead for steel stocks.
The biggest steel producer in the world is shutting down mills throughout Western Europe but the Russians are expanding to fill the gap.
The chief executives of the world’s biggest steel companies gathered this week in the City of Light amidst storm clouds looming on the industry’s horizon.
China’s steel mills curbed their output over the summer, driving inventories of finished steel products well below historical averages and giving global steel prices a lift.
ArcelorMittal is the world leader in steel, producing about 8% of all of the metal that finds its way into girders, cars and endless appliances. And its latest results are surprising the analysts.
A nice reversal today as the dollar gives back a little ground. There is an entire basket of oversold names here to choose from.
Commodities prices on a headline basis do not look like they have come down much off their highs. If anything, they have surged onward, so why are the mining stocks suffering?