(Steel industry item update for closing stock prices.)
NEW YORK (
) -- Steel-industry stocks rose sharply Monday as optimism appeared to push investors toward a sector leveraged heavily to any rebound in economic activity.
U.S. equities in general moved higher during the session, with the
Dow Jones Industrial Average
bumping against the 11,000 level
, after several economic indicators added to evidence in bullish investors' minds that a recovery isn't a chimera. On Monday, the data included an increase in home sales and improving service sector business.
finished Monday at $68.96, up nearly 5%, albeit on ligher-than-average volume. American depositary receipts of
, the big European steelmaker with a significant Stateside presence, added 1.7% to $46.25.
Cramer: Nucor's Ready to Heat Up
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Both companies own captive iron-ore mines, an integrated structure that gives them competitive advantage globally
, as it has been doing since last year amid a revolution in the way in which the raw material is priced. Trade groups representing both Chinese and European steelmakers have
As investors prepared for the upcoming first-quarter earnings report season, producers of steel in the U.S., from scrap recyclers to integrated steelmakers to specialty-alloy manufacturers, saw their stocks move into the green.
In the second trading session after releasing quarterly results that disappointed analysts and investors,
saw its shares trade in the red for most of the session before reversing course, ending the day up 0.5% to $16.22. The stock lost 6.6% on Thursday, when the company's results demonstrated how it continues to reel from a battered construction industry.
, had been experiencing a rebound in its auto-steel business.
Elsewhere, scrap-metal recycler and mini-mill operator
saw its stock rise 3.4% to $47.53 Monday afternoon. The company, known for the highly cautious outlook favored by its CEO, Dan DiMicco, is scheduled to report earnings on April 27.
, tamping down profit expectations but, at the same time, indicating that capacity, orders and shipments all likely grew by more than 20% during the quarter.
, meanwhile rose 4.9% to $24.20. Chief Executive James Wainscott rang the opening bell at the
New York Stock Exchange
Monday in celebration of the company's 15th anniversary as a Big Board-listed stock.
Pacing the gainers Monday were shares of
Reliance Steel & Aluminum
, helped by a
over the weekend, which argued that the metal warehouser stood in a uniquely strong position in the steel supply chain to take advantage of an economic recovery.
The company's shares spiked 7.8% to end the session at $54.96.
Among other names,
stock gained 4.1% to $18.43 and
advanced 3.6% to $55.22. The big South Korean producer,
, saw its New York-listed issues rise 4.2% to $124.83.
-- Written by Scott Eden in New York
Scott Eden has covered business -- both large and small -- for more than a decade. Prior to joining TheStreet.com, he worked as a features reporter for Dealmaker and Trader Monthly magazines. Before that, he wrote for the Chicago Reader, that city's weekly paper. Early in his career, he was a staff reporter at the Dow Jones News Service. His reporting has appeared in The Wall Street Journal, Men's Journal, the St. Petersburg (Fla.) Times, and the Believer magazine, among other publications. He's also the author of Touchdown Jesus (Simon & Schuster, 2005), a nonfiction book about Notre Dame football fans and the business and politics of big-time college sports. He has degrees from Notre Dame and Washington University in St. Louis.