Steel: CEOs come & go, Cycles remain
To all steel producer CEOs who believe(d) in secular bull markets for steel due to BRICs / emerging markets / Middle East, please note:
Forbes: Steel shares down on ‘buyers’ strike’
Shares of steel producers fell hard Monday after buyers virtually suspended purchases in the expectation that the cost of steel product will fall.
AK Steel shares fell $5.01, or 17.7 percent, to $23.36; United States Steel dropped $14.67, or 16.8 percent, to $72.43; and ArcelorMittal, the world’s largest steel maker, fell $10.18, or 17.9 percent, to $46.69.
This time is not different. China won’t save your a$$.
And yes, Indian steel stocks are taking it on the chin as well - SAIL, Tata Steel, Jindal Steel, JSW Steel are all trading at 52-week lows.
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