Why Steel Dynamics Stock Jumped Today
U.S. steelmakers have largely reported second-quarter earnings already, and the theme is similar among them. Steel Dynamics (NASDAQ: STLD) not only reported record sales, earnings, and cash flow but also announced a new growth investment last week. That helped the stock bounce from recent declines, with investors adding another 4.3% today, as of 2:45 p.m. ET.
Last week, Steel Dynamics, Nucor, and Cleveland-Cliffs all said business remained strong in the second quarter and the outlook for the third quarter is solid. While many business leaders have been expressing concern over a slowing economy, inflation, rising interest rates, and supply chain challenges, steel sector executives had a different take last week. Steel Dynamics CEO Mark Millett summed it up by stating, "Customer order entry activity continues to be healthy across all of our businesses, conflicting with the more pessimistic emotion in the marketplace."
Source Fool.com
