Along with a number of raw materials companies, AK Steel (NYSE:AKS) and US Steel (NYSE:X) responded strongly to the news there will be a huge response by the European Union to the sovereign debt crisis, which threatens to destroy the EU experiment, along with the euro as a legitimate currency.
AK Steel was up over 3 percent earlier today, while US Steel has gains over 5 percent, as investors believe the loan package could at minimum support demand for raw materials, and possibly increase demand.
This will help the steel industry in general, as it was already looking to be a good year for them, although the EU sovereign debt crisis had cast a shadow on the industry.
No comments:
Post a Comment