NEW YORK (TheStreet) -- Shares of U.S. Steel Corp. (X) are up 1.49% to $26.58 today, as Brent crude oil steadied above $61 a barrel on data that showed the U.S. economy grew at its quickest pace in 11 years in the third quarter, easing preoccupations that there could be less demand for steel products the oil sector uses, Reuters reports.
The steel makers' stock followed oil prices down yesterday, dropping more than 8%, amid capital expenditure cuts by U.S. oil producers, which in turn suggested less demand for steel products like oil country tubular goods.
Oil analysts said the positive impact of the U.S. GDP figures was helped by thin trading volume, CNBC said, adding that Tuesday was a public holiday in Japan and many Western markets have slowed ahead of the long year-end break.
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On the New York Mercantile Exchange, February Brent crude was up by 1.48% to $61 at 1:00 p.m. in New York. West Texas Intermediate for February delivery was higher by 2.21% a barrel to $56.48.
Separately, TheStreet Ratings team rates UNITED STATES STEEL CORP as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate UNITED STATES STEEL CORP (X) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, compelling growth in net income and notable return on equity. However, as a counter to these strengths, we also find weaknesses including weak operating cash flow and poor profit margins."