NEW YORK (AP) â¿¿ Shares of U.S. steel producers slid Tuesday along with other materials companies on renewed concerns of slowing growth.
Steelmakers face a rough environment across broad geographic regions. The metals and mining sector was among the worst performers on the Standard & Poor's index.
Spain's central bank said Tuesday that its economy continued to shrink in the third quarter, contracting by 0.4 percent compared with the previous three months.
Other global companies, including Caterpillar on Monday, cited slower-than-expected growth in the U.S., China, and noted the broadening recession in Europe.On Tuesday, AK Steel Said that the economic headwinds are driving down prices and contributed to a small drop in shipping volumes during the quarter. The company reported a loss of $60.9 million for the quarter. Revenue fell almost 8 percent. South Korean steel maker Posco said that it expected growth in steel demand to range between 2 percent and 3 percent by 2013 because of slower demand globally in both developed and emerging countries. In afternoon trading, shares of AK Steel Holding Corp. fell 35 cents, or 6.4 percent, to $5.16; U.S. Steel Corp. dropped $1.01, or 4.4 percent, to $21.90 and Nucor Corp. fell $1.07, or 2.6 percent, to $40.05.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
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.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
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.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV