AK Steel Holding and United States Steel Lead the Market Higher on Tuesday

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Accesswire 24-May-2017 8:00 AM
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NEW YORK, NY / ACCESSWIRE / May 24, 2017 / It looks like US Steel sprang to life and recouped some of the losses it saw earlier in the month when it released poor first quarter results. The move perhaps may have been a result of fellow steel company AK Steel Holding having an investigation on its Middletowns Work worksite closed.
RDI Initiates Coverage on:
AK Steel Holding Corporation https://ub.rdinvesting.com/news/?ticker=AKS
United States Steel Corporation https://ub.rdinvesting.com/news/?ticker=X
AK Steel Holding Corporation's shares closed up 8.65% on Tuesday after the company had some good news from The Occupational Safety and Health Administration (OSHA). Apparently the regulatory agency had investigated that AK Steel at its Middletowns Works Worksite had a lack of certification among welders and the failure to keep welding logs for certification purposes. AK Steel responded at the time and said that it had certified almost 200 of its workers as welders. Investors were enthusiastic that OSHA has decided that the case should be closed because the hazardous conditions alleged did not in fact exist. Mick Paddock, manager of safety and health wrote in a March letter, "In that timeframe, AK Steel has certified nearly 200 of its employees as welders."
Access RDI's AK Steel Research Report at: https://ub.rdinvesting.com/news/?ticker=AKS
United States Steel Corporation's shares closed up 4.67% on Tuesday most likely as a result of fellow steel company AK Steel receiving some good news from a regulatory agency. U.S. Steel cut its earnings and EBITDA guidance earlier this month for the year of 2017 and it did not look good. The company expects EBITDA of around $1.1 billion for 2017, which is down from the $1.3 billion it had expected before. Net earnings are expected at around $260 million or $1.50 which is also way lower than the $535 million and $3.08 the company had projected before. Mario Longhi, the company's Chairman and CEO also stepped down after the company's poor first quarter results. He will be retiring at the end of June. Shares of US Steel fell around 27% after the company released its Q1 earnings report.
Access RDI's United States Steel Research Report at: https://ub.rdinvesting.com/news/?ticker=X
Our Actionable Research on AK Steel Holding Corporation (NYSE: AKS) and United States Steel Corporation (NYSE: X) can be downloaded free of charge at Research Driven Investing.
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