(EMAILWIRE.COM, March 16, 2010 ) Dallas, Tx - Cliffs Natural Resources Inc (NYSE:CLF) climbed 4.58% to $66.04 after Deutsche Bank reiterates a 'Buy' rating on the stock, raises price target to $85. The stock today also touched a new 52 week high at $66.97. So far in the last six months trade the stock went up over 39%.
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United States Steel Corporation (NYSE:X) zoomed 1.70% to $61.72 after it announced its intention to offer, subject to market and other conditions, $500 million aggregate principal amount of senior unsecured notes due 2020. The offering will be made pursuant to the Company's shelf registration statement filed with the Securities and Exchange Commission. The Company intends to use the net proceeds from the offering for general corporate purposes. BofA Merrill Lynch, Barclays Capital, Goldman, Sachs & Co., J.P. Morgan and Morgan Stanley are the joint book-runners for this offering.
AK Steel Holding Corporation (NYSE:AKS) jumped 1.78% to $23.43 after The Associated Press reported that AK Steel has filed a lawsuit alleging three ex-employees of its Rockport, Ind., plant stole company trade secrets. The lawsuit filed March 11 says Donald Earley resigned as a senior process engineer last year and accepted a job with ThyssenKrupp Steel USA. The lawsuit claims Earley accessed confidential information and trade secrets from AK Steel's computer systems and contacted AK Steel employees Dona Ashby and Jonathan Salisbury for confidential information.
Steel Dynamics, Inc. (NASDAQ:STLD) added 0.72% to $17.94. The stock has a 52-week range of $6.42-$20.47.
Nucor Corporation (NYSE:NUE) advanced 1.62% to $45.85 after it announced that for the first quarter of 2010, it expects earnings to be in the range of ($0.05) to $0.05 per diluted share (EPS). According to Reuters Estimates, analysts were expecting the Company to report EPS of $0.16 for the first quarter of 2010.
ArcelorMittal (ADR) (NYSE:MT) surged 2.04% to $42.95 after it announced that it has signed a memorandum of understanding with its Turkish partner, Dayen, to establish a joint venture, which would build a steel mill with electric furnace in Sulaimaniyah in Northern Iraq. The mill would produce in its initial phase up to 250,000 tons of rebars per year from locally sourced scrap and will require investment of USD 100 million to USD 130 million, jointly subscribed by ArcelorMittal and Dayen. Construction is planned to start in the second quarter of 2010 and production is planned to commence in the fourth quarter of 2011.
Vale (ADR) (NYSE:VALE) rallied 1.86% to $30.71. The stock has a 52-week range of $12.91-$31.96. So far in the last six months trade the stock went up over 36%.
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