Strengthen With Steel Stocks
Schnitzer Steel (SCHN) reported a monster quarter today. Revenues exceeded estimates by $100 million and eps beat estimates by 31 cents per share.
Key Takeaways from Schnitzer
Solid Steel Stocks
Key Takeaways from Schnitzer
- Schnitzer gave a robust outlook for the rest of the year.
- Nonferrous metals prices were up 30% year over year.
- "The international markets for scrap metal are expected to be robust."
- "Average net [steel] prices during the quarter are expected to be approximately 10% higher than the average prices obtained during the recently completed second quarter."
Solid Steel Stocks
- Tenaris (TS)-Sells steel pipes mainly to the oil & gas industry
- Arcelor Mittal (MT)-One of the most undervalued-forward P/E of 7, Business Week Cover Story
- Posco (PKX)-Warren Buffet, Pricing power
- Ryerson (RYI)-Small-cap domestic steel company ready to be bought out
- Commercial Metals (CMC)- recycles and markets steel
posted by Big Ben at Monday, April 09, 2007
2 Comments:
I've played some steel the last few months, but you have to wonder that if GDP is slowing down and folks are fearing a recession not just here in the US but one that spreads around the world, then how will this play out in steel and materials?
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