DJ Steel Producer Stocks Move Lower
By Micah Maidenberg
Shares of steel producers are falling on the first day of trading in the New Year.
Shares of United States Steel Corp. (X) have weakened 5% in afternoon trading.
AK Steel Holding Corp.'s (AKS) stock is also down about 5% while shares of both Nucor Corp. (NUE) and TimkenSteel Corp. (TMST) are both off about 2%.
Shares of Steel Dynamics Inc. (STLD) are down 1%.
In December, IHS Markit's U.S. manufacturing purchasing managers index slipped to 52.4 from 52.6 the previous month.
That reading signaled expansion in the industrial sector, but investors have been worried about the strength of manufacturers.
Some steel makers supply other industrial companies, including those in the auto sector and firms that make construction equipment.
In December, analysts at Jefferies said prices were improving and forecast seasonally improved demand in the first quarter.
Write to Micah Maidenberg at micah.maidenberg@wsj.com
(END) Dow Jones Newswires
January 02, 2020 15:40 ET (20:40 GMT)
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