Steel shares rebound up to 25% on positive news

Dec 08, 2008 | 01:08 PM | Scott Robertson

Steel stock prices surged Monday on news of President-elect Barack Obama's plan to increase infrastructure spending, a ratings upgrade by one prominent analyst, rising scrap prices and the notion that steel prices may have hit bottom and are poised for a turnaround.

The prospect of a government bailout of the Big Three Detroit-area automakers also was seen as a factor, although one analyst downplayed the long-term impact the bailout might have for steel.

Shares of U.S. Steel Corp., Pittsburgh, closed at $35.79 on the New York Stock Exchange Monday, up 24.4 percent from Friday's close at $28.76; AK Steel Corp., West Chester, Ohio, closed at $8.99 per share, up 25.7 percent from $7.15; Gerdau Ameristeel Corp., Tampa, Fla., ended Monday at $4.41 per share, up 17.9 percent from $3.74; and Nucor Corp., Charlotte, N.C., closed at $40.71 per share, up 11.7 percent from $36.45.....

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