U.S. Steel Saved From Worst Year Ever as Metal Rout Cuts Imports
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Steel prices in the U.S. have dropped so much that imports are finally declining. That’s giving shares of U.S. Steel Corp. some relief in a year that was shaping up to be the worst in decades.
U.S. Steel surged 14 percent at 2:12 p.m., heading for a 26 percent two-day gain, which would be the biggest since December 2008. AK Steel Holding Corp. rallied 15 percent and Nucor Corp. rose 4.4 percent in the same span. U.S. Steel had lost 73 percent in the year through Wednesday, which would have been its worst year since at least 1992 when Bloomberg records begin.