For Immediate Release
Chicago, IL – October 2, 2020 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Commercial Metals Company CMC, L.B. Foster Company FSTR, Schnitzer Steel Industries, Inc. SCHN, POSCO PKX and ArcelorMittal MT.
Here are highlights from Thursday’s Analyst Blog:
5 Red-Hot Steel Stocks Set to Run Higher in Q4
The steel industry has staged a recovery after being out of favor for much of the first half, thanks to a revival in demand in key end-markets from the coronavirus-induced slowdown and a rebound in steel prices.
With China (the top consumer of steel) seeing an economic rebound and businesses gradually resume across the world following loosening of lockdowns and restrictions, things are looking up for the steel industry for the balance of the year. Recovery across major end-use industries such as construction and automotive represents a tailwind for the steel industry.
Moreover, steel prices have gained strength on an upswing in demand. However, the resurgence of coronavirus infections in Europe and rising cases in the United States may play a spoilsport.
Steel Demand Takes an Upturn on Economic Recovery
Demand for steel has picked up with the resumption of operations across major steel-consuming sectors, following the easing of restrictions globally. The automotive industry has gotten back into gear following pandemic-led shutdowns on the back of a strong recovery in customer demand. Notably, major U.S. automakers are ramping up production to boost lean vehicle inventories at dealerships in the wake of surging demand. The automotive rebound is driving demand for flat steel products globally.
Moreover, the resumption of many projects, which were stalled earlier due to labor shortages