U.S. Steelmakers Charge Ahead on Tightening Chinese Production
U.S. Steel and Its peers soared Wednesday on China's announcement to wind down production.
Shares of U.S. Steel (X) - Get Report moved higher Tuesday as steel prices in Shanghai climbed to a 10-week high after Baosteel Group, China's second-biggest steelmaker, announced plans to cut its capacity over the next two years. The move is part of the Chinese government's broader effort to pare down a supply glut which The big U.S. steelmakers have long pointed to it as the reason for low prices. U.S. Steel, a member of Real Money's Stressed Out watch list, has seen its shares climb about 165 percent this year.
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