Unfavorable market conditions drag down steel stocks

Unfavorable market conditions drag down steel stocks

Weak domestic demand in the US and a slow down in demand for steel imports in China formed a disastrous combination on Friday (April 15) for the majority of steel stocks listed on the New York and London stock exchanges. Shares of steel and metal producers listed on the New York Stock Exchange (NYSE) fell an average of 3.96% on Friday. The biggest losers were Mechel Steel Group (6.64%), Gerdau S.A. (6.42%), Oregon Steel Mills (5.18%), Mittal Steel (4.93%), Corus (3.69%), and United States Steel Corporation (4.28%). Shares of Corus listed on the London Stock Exchange closed down 3.47%.