Steel Stocks Move In Sympathy After Cliffs Q4 Beat

United States Steel Corporation X shares are trading higher by $2.44 at $36.97 and AK Steel Holding Corporation AKS shares are trading higher $0.48 at $8.52 in Thursday's session.

Although both companies have reported Q4 results, both issues are participating in a sympathy move after Cliffs Natural Resources Inc CLF blew Wall Street estimates for Q4.

The iron ore mining company nearly doubled Q4 EPS estimates ($0.42 vs. $0.23) and for revenues by $79 million.

US Steel's ascent was aided by two upgrades over the last week.

• On February 2, Bank of America upgraded the issue from Neutral to Buy
• On Wednesday, Argus jumped on the bullish bandwagon when they upgraded the issue from Hold to Buy.

The only rating change in AK Steel since its report was a downgrade at JPMorgan from Overweight to Neutral on January 25.

Of the two, investors tend to be favoring US Steel, not only in today's price action, but since both Q4 reports.

Earlier in the session, US Steel reached $37.25, which is only 5 percent of its recent high for move at $39.14.

On other hand, the rebound in AK Steel has only reached $8.83, which is roughly 22 percent from its recent for the move at $11.39.