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...It then bought the US steel mills of ArcelorMittal and AK Steel, its two big customers. “They’ve been incredibly aggressive,” said Fitch Ratings analyst William Van Meerbeke....
...In recent years, Cliffs bought AK Steel and the US operations of ArcelorMittal for $6bn in total. Adding US Steel would reinforce the kingpin status of Cliffs....
...A year earlier, Cleveland-Cliffs acquired US steel producer AK Steel for $1.1bn....
...“We estimate it is 50 metres deep and 4km long, and have found RPGs and AK-47s stored in depots. Many smaller tunnels lead off it.”...
...Extracts from his discussion with Alix Steel and Guy Johnson: AS: Were you aware of this risk when using the platform?...
...The acquisition further strengthens Cleveland-Cliffs’ position following its purchase of AK Steel in a $1.1bn all-stock transaction announced last year....
...Iron ore miner Cleveland-Cliffs moved into steel production with the purchase of AK Steel in March. It hopes to sharpen margins with an estimated $150m of annual savings....
...The move was welcomed by Cleveland-Cliffs, a company whose wholly-owned subsidiary AK Steel is the last remaining producer of the type of electrical steel used in essential transformer parts in North America...
...Steel....
...It is hardly the only steel company to be in trouble. In recent months, AK Steel of Ohio has shut a facility in Kentucky, and Bayou Steel of Louisiana has filed for bankruptcy....
...US steel and aluminium stocks were also down for the count. US Steel shares fell 3 per cent to $16.37, Alcoa shares tumbled 4 per cent to $25.53 and AK Steel shares fell 2 per cent to $2.50....
...Other steel companies’ shares have shown similarly little benefit: Steel Dynamics’ shares are up 12 per cent since the election, while US Steel’s have dropped 2 per cent and AK Steel’s are down 58 per cent...
...Although US names like Nucor, US Steel, Steel Dynamics and AK Steel are all more than 3 per cent lower today, they have largely clung to the gains posted since March 1 when the tariffs were announced....
...Steelmaker Nucor was down 5.1 per cent, while US Steel dropped 9.1 per cent and AK Steel shed 7.7 per cent....
...Meanwhile, Alcoa dropped 0.6 per cent while AK Steel Holdings slid 0.9 per cent....
...Steelmakers rallied on the news, however, with US Steel gaining 5.8 per cent and AK Steel closing up 9.5 per cent....
...Just after the US commerce department’s recommendations were unveiled, AK Steel shares were up 11.1 per cent to $5.82; US Steel Corp’s stock jumped 9.75 per cent to $42.75, Commercial Metals increased almost...
...US-listed steel and aluminium stocks initially jumped on news of the import tariffs, but finished the day mixed. US Steel and Nucor both advanced, while Alcoa and AK Steel finished lower....
...US Steel was down 3.3. per cent, AK Steel dropped 3.2 per cent and Nucor traded 1 per cent lower. The Nasdaq Composite rose 0.9 per cent....
...Steel Dynamics climbed 4 per cent, while United Steel and AK Steel tacked on 8.3 per cent and 10.8 per cent respectively. Century Aluminum was 8.7 per cent higher....
...US Steel shares climbed 3.7 per cent to $37.57 Alcoa shares were up 0.3 per cent to $30.85 Nucor shares are up 1 per cent to $64.78 AK Steel shares rose 1.5 per cent to $4.66 Michael Corelli at Moody’s...
...Shares in United States Steel were up 4 per cent in pre-market trade Nucor Steel shares were up 3 per cent to $69 Shares in Steel Dynamics were up 2.7 per cent to $48.75 AK Steel shares surged 4.6 per cent...
...In pre-market trade, Nucor was up 0.9 per cent, US Steel was up 0.4 per cent and AK Steel gained 0.9 per cent. Aluminium producer Alcoa was flat....
...Building on pre-market losses, US Steel Corp dropped more than 5 per cent, AK Steel shed 3.5 per cent, ArcelorMittal declined 2 per cent and Nucor shares were off 1.2 per cent....
...On Wall Street, equities tumbled following the announcement, with the S&P 500 ending the day down 1.3 per cent - although steelmakers rallied on the news, with US Steel gaining 5.8 per cent and AK Steel...
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