This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Analyst Cuts Outlook Estimates For Metals, Mining

NEW YORK (AP) â¿¿ An analyst for KeyBanc Capital Markets cut forecasts for several metals and mining companies Friday, citing an "ongoing hangover" from the credit collapse and a reluctance by local governments to invest in new projects.

KeyBanc analyst Mark Parr said underlying demand appears to be improving in September due to gains in industrial production and other markets including energy, heavy trucks and agriculture. However, the automotive market seems to have flattened this year and nonresidential construction continues to struggle.

Parr cut per-share earnings expectations in 2010 for AK Steel Holding Corp. (down 82 cents to a loss of 17 cents), Cliffs Natural Resources Inc. (down 30 cents to $7.90), Nucor Corp. (down 25 cents to 75 cents), Reliance Steel & Aluminum (down 5 cents to $2.85), Steel Dynamics Inc. (down 15 cents to 80 cents), U.S. Steel Corp. (down 30 cents to 70 cents), and Olympic Steel Inc. (down 5 cents to 85 cents).

Parr maintained "Buy" ratings for Reliance Steel & Aluminum, Steel Dynamics and U.S. Steel; and maintained "Hold" ratings for AK Steel, Cliffs Natural Resources, Metals USA Holdings, Nucor and Olympic Steel.

KeyBanc's estimate reflects a continued slump in nonresidential construction demand, especially for Nucor and Steel Dynamics. It also reflects a competition at steel mills.

Copyright 2010 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs