World Steel Association Report
Major steelmakers made big moves as data released Tuesday revealed demand for steel products has resulted in increased production and capacity rates at companies like U.S. Steel (NYSE:N), Nucor (NYSE:NUE), AK Steel (NYSE:AKS) and Steel Dynamics (NASDAQ:STLD).
Data from the World Steel Association showed operating rates at steel plants were their highest since September 2008, while worldwide steel production increased 24.2 percent from February 2009.
Output for crude steel surged by 51.3 percent to just under 6 million tons in February as well.
Utilization is expected to average far above 2009 levels, which were at 62.8 percent in the fourth quarter of 2009, increasing to an average between 70 percent to 75 percent, said the report.
Predictably the news sent stocks of steelmaker surging.
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