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MarketScreener Homepage  >  Equities  >  Nyse  >  AK Steel Holding Corporation    AKS

AK STEEL HOLDING CORPORATION

(AKS)
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Steel Stocks Rally on Trump's Tariff Move -- Update

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12/02/2019 | 04:46pm EST

By Karen Langley

Shares of steel companies rose Monday after President Trump said he would restore tariffs on steel and aluminum imports from Brazil and Argentina.

U.S. Steel Corp. gained 4.2%, AK Steel Holding Corp. surged 4.7% and TimkenSteel Corp. rose 4.1%, despite declines in the broader stock market. Trade uncertainties and a disappointing report on the manufacturing sector weighed on major indexes. The S&P 500 fell 0.9%; its materials sector fell 0.9% and the industrials sector slumped 1.6%.

"We view the reinstatement of tariffs on Argentina and Brazil as a marginal supply-side positive for finished-steel producers," such as AK Steel, Commercial Metals Co., Nucor Corp., Steel Dynamics Inc., TimkenSteel and U.S. Steel, Cowen & Co. metals and mining research analyst Tyler Kenyon wrote in a note Monday.

Commercial Metals, Steel Dynamics and Nucor edged up less than 2%.

Imports from Argentina and Brazil accounted for less than 4% of total U.S. imports of finished steel from 2014 through 2018, a figure that has also held true year to date, Mr. Kenyon wrote.

For companies that rely on imports of semifinished steel, however, the reimposed tariffs would raise production costs. Brazil accounts for about half of U.S. imports of steel slab, according to the research note. Companies with operations rerolling steel slab in the U.S. include ArcelorMittal and California Steel Industries, it said.

"More costly slab from Brazil could lift the overall sheet + plate cost curve in the U.S. leading to a cost of production disadvantage vs. the rest of world," Mr. Kenyon wrote.

ArcelorMittal's American depositary receipts fell 1.1%; California Steel is owned by Vale SA and Japan's JFE Holdings.

Mr. Trump made the unexpected announcement about the tariffs early Monday on Twitter, saying that Brazil and Argentina had been devaluing their currencies.

The steel and aluminum tariffs were imposed globally in 2018, before the trade war with China. Argentina and Brazil had made deals with the Trump administration to exempt their exports from the tariffs.

Write to Karen Langley at karen.langley@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
AK STEEL HOLDING CORPORATION 2.79% 3.32 Delayed Quote.47.56%
ARCELORMITTAL -2.18% 15.77 Delayed Quote.-11.12%
COMMERCIAL METALS COMPANY 0.90% 22.43 Delayed Quote.38.76%
DJ INDUSTRIAL -0.38% 27909.6 Delayed Quote.19.64%
EURO / ARGENTINE PESO (EUR/ARS) 0.08% 66.357 Delayed Quote.53.11%
EURO / BRAZILIAN REAL (EUR/BRL) 0.16% 4.588 Delayed Quote.3.21%
NASDAQ 100 -0.41% 8362.743592 Delayed Quote.32.66%
NASDAQ COMP. -0.40% 8621.827413 Delayed Quote.30.46%
NUCOR 0.24% 57.75 Delayed Quote.11.47%
S&P 500 -0.32% 3135.96 Delayed Quote.25.10%
STEEL DYNAMICS, INC. -0.09% 35.07 Delayed Quote.16.84%
TIMKENSTEEL CORPORATION 3.19% 7.12 Delayed Quote.-18.54%
UNITED STATES STEEL CORPORATION 1.08% 14.09 Delayed Quote.-23.57%
US DOLLAR / ARGENTINE PESO (USD/ARS) 0.03% 59.909 Delayed Quote.58.86%
VALE S.A. 0.18% 51.44 End-of-day quote.0.71%
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Financials (USD)
Sales 2019 6 362 M
EBIT 2019 258 M
Net income 2019 28,5 M
Debt 2019 1 973 M
Yield 2019 -
P/E ratio 2019 29,3x
P/E ratio 2020 119x
EV / Sales2019 0,48x
EV / Sales2020 0,49x
Capitalization 1 051 M
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Technical analysis trends AK STEEL HOLDING CORPORATI
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Mean consensus HOLD
Number of Analysts 10
Average target price 2,53  $
Last Close Price 3,32  $
Spread / Highest target -2,11%
Spread / Average Target -23,9%
Spread / Lowest Target -39,8%
EPS Revisions
Managers
NameTitle
Roger K. Newport Chief Executive Officer & Director
Kirk W. Reich President & Chief Operating Officer
Ralph S. Michael Independent Non-Executive Chairman
Christopher J. Ross Chief Financial Officer, Treasurer & VP
Eric S. Petersen Vice President-Research & Innovation
Sector and Competitors
1st jan.Capitalization (M$)
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JSW STEEL LTD-11.75%8 749
EVRAZ PLC-24.87%6 895