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LONDON, March 8, 2013 /PRNewswire/ --
2012 was a challenging year for the Steel & Iron industry mainly due to a slowdown in the Chinese economy. Over the past decade, China has been a major consumer of steel and iron ore. The country requires steel and iron ore for its large infrastructure projects. As the world's second largest economy slowed down in 2012, the pace of construction activity also slumped. However, the Chinese economy has rebounded since the beginning of this year. This augurs well for the Steel & Iron companies such as United States Steel Corporation (NYSE: X), Gerdau SA (NYSE: GGB), Mechel OAO (NYSE: MTL) and Commercial Metals Company (NYSE: CMC). Apart from China, the continuing improvement in construction activity in the U.S. should also benefit the Steel & Iron industry. On Thursday, though, shares of steel & iron companies ended mostly lower even as the broad market edged higher. StockCall reviewed the Steel & Iron industry and chose X, GGB, MTL, and CMC for its technical coverage. These free reports can be seen for free at
Shares of United States Steel Corporation edged lower in Thursday's trading session. The stock closed 0.43% lower at $20.67 on volume of 6.04 million. X's shares fell to an intra-day low of $20.65 on Thursday. Despite the pullback yesterday, United States Steel's shares have gained more than 3% in the last three trading sessions. However, year-to-date, the stock has fallen more than 13%. The company's shares are currently trading below their 50-day and 200-day moving averages, which is a bearish signal. However, the stock's MACD chart suggests that market sentiment may have turned bullish on the stock. Download the free research on X by signing up now at
Shares of Gerdau SA ended marginally higher in Thursday's trading session. The stock closed 0.37% higher at $8.11 on above average volume of 6.89 million. Gerdau's shares have now gained more than 1% in the last three trading sessions. Year-to-date, the stock has fallen nearly 10%, underperforming the S&P 500, which is up more than 8.20% this year. The company's shares are currently trading below their 50-day and 200-day moving averages, which is a bearish signal. However, recent volume activity suggests that the bearish trend may have come to an end. Register for today's free analysis on GGB at
Shares of Russia-based Mechel OAO slipped in Thursday's trading session. The stock closed 0.73% lower at $5.42 on volume of 1.11 million. Despite the pullback yesterday, Mechel's shares have gained nearly 3.50% in the last three trading sessions. However, the stock is still down nearly 22% for the year. Shares of MTL are currently trading well below their 52-week high of $11.20. The stock has seen a series of lows since the start of this year, which is a bearish signal. Free report on MTL can be accessed by registering at
Shares of Commercial Metals Co. also slipped in Thursday's trading session, closing 0.61% lower at $16.38 on volume of 663,156. Year-to-date, the company's shares have gained more than 10%, outperforming the broad market. The stock is currently facing resistance at around $16.50. Recent volume activity suggests that market sentiment is bullish on the stock. Register with StockCall and download the research on CMC for free at
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