When we think of steel stocks, we usually think of U.S. Steel (X), but there are plenty of other players here in the U.S., including AK Steel (AKS), Nucor (NUE) and Steel Dynamics (STLD). The latter two reported strong earnings today, but it’s the former two that are outperforming today after Donald Trump said that he would consider the security implications of steel imports.
Nucor reported an adjusted first-quarter profit of $1.13 a share, topping the consensus for $1.12, and said that the second quarter would be better than the first. Steel Dynamics, meanwhile, reported a first quarter profit of 82 cents a share, topping forecasts for 69 cents.
Cowen’s Novid Rassouli and Han Zhang like what they heard from Steel Dynamics: