Steel manufacturers are in a strong position this year
Here is a great article from Investor’s Business Daily by:
VIDYA RAMAKRISHNAN 02:45 PM ET 09/13/2022
Steel manufacturers are in a strong position this year. Backlogs for steel have grown as several economies shake off the pandemic lockdowns and supply chain constraints ease. Demand for steel grew 4.5% in 2021 and will likely grow 2.2% through 2022.
It is no surprise that with limited inventory and strong demand, steel prices are expected to go up. That’s benefiting steel stocks.
Steel Dynamics (STLD) holds a spot in the IBD 50, and is today’s focus for IBD 50 Stocks to Watch. The company sports a high Composite Rating of 97, and its chart looks favorable too.
A diversified revenue stream drove sales as steel fabrication operations gains offset lower earnings from flat roll steel. Steel Dynamic’s outlook for the rest of 2022 was strong thanks to record backlog volumes.
Dividends of 34 cents a share will be payable on or near Oct. 14 to shareholders of record on Sept. 30.
