Metals stocks were falling Tuesday as dour news from the sector weighed down a number of individual companies' shares.

Alcoa ( AA), a day after setting plans to cut its dividend and raise capital, was one of the worst performers, slumping 10.1% to $5.50. Nucor ( NUE) was another weak name, sliding 12% to $32.52 after saying it would have a first-quarter loss.

Elsewhere, Steel Dynamics ( STLD) was losing 6% to $6.79, and AK Steel ( AKS) was lower by 3.1% at $5.96. U.S. Steel ( X) was declining almost 4% to $17.67.

Reliance Steel & Aluminum ( RS) was retreating 6.7% to $22.14, and Luxembourg's Arcelor Mittal ( MT) was falling 8.1% to $16.93. South Korea's Posco ( PKX) managed to escape the selloff and rise 2.2% to $62.43.

Exchange-traded funds reflected the weakness in the stocks. The Market Vectors Steel ( SLX) was down 3.8% at $24.40, and the S&P Metals & Mining ( XME) was off 2.5% at $22.73.

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