Steel Stocks Jump Higher with Trump
President Trump signed orders for the Keystone XL Pipeline and Dakota Access Pipeline. To sweeten the deal for the United States he signed a separate action requiring that the steel used in the pipelines be made in the United States. "Going to put a lot of workers, a lot of steelworkers, back to work," he said.
That sent the American steel stocks higher and those that trade on the NYSE and NASDAQ. The compainies that are going to benefit are Nucor Energy (NUE) and United States Steel Corp (X). Shares of NUE and X are up 2% in trading today.
Both stocks have had incredible runs in the past 3 months, X is up 70% and NUE up 28%. In the last month the run has cooled down, NUE trading flat and X down 7%. However today's news that Trump is behind these companies is great news for both companies. U.S. Steel has laid off thousands of workers in the past few years but Nucor has laid of ZERO. However NUE to stay alive cut back hours and this could finally put workers back to full-time employment.
Congratulations to NUE and X shareholders, the worst could finally be behind these companies.
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