Why Mechel Stock Popped 10.5% on Christmas Eve
Shares of Russian steel producer Mechel PAO (NYSE: MTL) continued to surge higher in Thursday's abbreviated trading day, rising 10.5% through 11 a.m. EST. It's not hard to figure out why.
Since the beginning of October, the price of hot-rolled coil steel (the industry benchmark) has run up 39%, topping $869 last night. Shares of Mechel are rising right along with the HRC steel price -- even leading it a bit. Since Oct. 1, Mechel shares are up 47%.
At $2.20 per share currently, Mechel stock hasn't been this valuable since early March.
Source Fool.com
