But ArcelorMittal was able to advance 4.3 percent to $13.10 in New York trade as the world's largest steelmaker defied fears of a profit warning on Friday and kept its earnings forecast for this year, helped by deep cost cutting in Europe.
ArcelorMittal (ADR)(NYSE:MT)surged up 4.07% and closed at $12.27.The median Wall Street price target on the stock is $17.72 and the high target is set at $27.30 with majority of analysts have a hold rating on the company's stock.
The company reported first-quarter revenue below analysts' estimates. ArcelorMittal ADRs were up 4.6% ahead of the bell after the steel major reported improved results from the preceding fourth quarter and reaffirmed its guidance framework for the full ...
Some other leading steel stocks that are under selling pressure today include Steel Dynamics Inc (NASDAQ:STLD), ArcelorMittal (ADR) (NYSE:MT), and Nucor Corp (NYSE:NUE). All of these leading steel stocks remain in a downtrend on the daily charts.