This Day On The Street
Continue to site
ADVERTISEMENT
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

Sector Snap: Mining And Steel

NEW YORK (AP) â¿¿ Shares of mining companies and steel makers rose Tuesday after aluminum maker Alcoa posted a larger-than-expected first-quarter profit.

The New York-based company said Monday that its results got a boost from strong demand for aluminum used to make airplanes and cars. It added that it still sees demand for aluminum growing 7 percent in 2013, with gains cutting across many industries.

The news implies a pickup in industrial activity and bodes well for companies like Cliffs Natural Resources Inc., which produces iron ore used in steel production as well as coal. Its shares rose $1.57, or 8.4 percent, to $20.36 in afternoon trading after peaking at $20.51 earlier in the session.

Miners also got a boost from increases in prices of metals like gold and copper, which bounced back from a recent slump.

Rio Tinto PLC's U.S. shares rose $2.75, or 6 percent, to $48.72 after reaching $48.80 earlier. In addition to iron ore and aluminum, Tinto produces copper, gold, diamonds, uranium and industrial minerals.

And U.S. shares of BHP Billiton Ltd., which produces aluminum and mines for copper, silver, zinc and other metals, were up $3.17, or 4.7 percent, to $71.22 after going as high as $71.30.

Among steel makers, U.S. Steel Corp. rose 93 cents, or 5.4 percent, to $18.16. ArcelorMittal added 57 cents, or 4.7 percent, to $12.80, and AK Steel Holding Corp. rose 15 cents, or 4.9 percent, to $3.24.

Alcoa is the first company in the Dow Jones industrial average to report first-quarter results. Because its products are used in so many things â¿¿ from cars and buildings to drinks cans â¿¿ investors watch Alcoa's results for hints about earnings at companies in other industries.

Alcoa shares were down 3 cents at $8.36.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
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!
SYM TRADE IT LAST %CHG

Markets

DOW 18,034.93 +208.63 1.17%
S&P 500 2,100.40 +19.22 0.92%
NASDAQ 4,994.6020 +62.7870 1.27%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs