Why United States Steel Stock Soared Friday
Steel prices are slightly off recent highs but remain up more than 75% year to date. Domestic steelmakers are making hay while the sun shines, and United States Steel (NYSE: X) is no exception. After the company reported third-quarter earnings last night, U.S. Steel shares are soaring today. As of 12:15 p.m. EDT, the stock is up more than 15%.
It wasn't just the fact that the company announced net earnings of more than $2 billion. U.S. Steel also told investors it has utilized the strong market to get its balance sheet in order, giving it the ability to direct capital back to shareholders. The company announced a new $300 million stock repurchase program and a $0.05-per-share quarterly dividend, which was raised from its previous nominal $0.01-per-share level.
Source Fool.com
