NUE shares were 1.6% higher Wednesday.
Additionally, Bank of America/Merrill Lynch raised the outlook on United States Steel to “neutral” from “underperform,” citing stable earnings due to expectations of more limited supply in the next several quarters, reports Michael Sheets for TheStreet.
X shares were up 8.4% Wednesday.
Related: More Good News for the Steel ETF – AKS, X
The steel industry is also strengthening from measures taken by the Commerce Department to reduce the supply of cheap Chinese steel imports, which have contributed to the lingering low prices. The commerce Department imposed a 266% tariff on Chinese cold-rlled steel imports and prices have rallied roughly 21% over teh past two months reports James Passeri for TheStreet.
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VanEck Vectors Steel ETF