Why These Steel Stocks Surged Today
Shares of Brazilian steelmakers Companhia Siderurgica Nacional (NYSE: SID) and Gerdau (NYSE: GGB), and North American iron and steel producer Cleveland-Cliffs (NYSE: CLF) gained 12.9%, 13.4%, and 9.7%, respectively, on Wednesday. This marks a continued mini bull run for the three, which have all gained more than 31% since May 15.
The two Brazilian steelmakers joined several of their national counterparts on a multiday run higher, as investors start to turn more bullish on the country, even as it faces one of the world's worst COVID-19 outbreaks. But shares of the two steelmakers are still down by almost half since the beginning of 2020 and off of their highs by more than 50%.
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Source Fool.com
