Why Shares of Steelmakers Are Surging Today
Steel stocks have had a rough go of it lately, as the ripple effects of the government's response to the novel coronavirus pandemic has pulled the emergency brake on manufacturing output. With lawmakers now coming closer to an economic stimulus package deal, the steel industry is heating up.
Nucor (NYSE: NUE), the nation's largest steel manufacturer, is up 9.6% as of this writing. In addition, big steelmakers Steel Dynamics (NASDAQ: STLD), ArcelorMittal (NYSE: MT), and Cleveland-Cliffs (NYSE: CLF) are all up more than 10%.
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Source Fool.com
