Steel industry icon United States Steel (NYSE: X) reported second-quarter 2021 adjusted earnings of $3.24 per share, up from a loss of $2.67 per share in the same period in 2020. The rest of the year is likely to be strong, too. It's little wonder that the stock has rallied nearly 300% over the past year. However, now isn't the right time to buy shares of United States Steel...or those of any of the major U.S. steelmakers, for that matter. Here's what you need to understand before you fall in love with steel today.
U.S. Steel isn't alone in posting stellar results. Industry giant Nucor (NYSE: NUE) reported record earnings in the second quarter. Fellow electric arc mini-mill specialist Steel Dynamics (NASDAQ: STLD) also hit a record. And so did blast furnace-focused Cleveland Cliffs (NYSE: CLF) . The entire U.S. steel industry is firing on all cylinders today.
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For further details see:
Wall Street Loves Steel, Here's Why You Shouldn't...at Least Right Now