Steelers Slump as POSCO Exec. Sees Continued Pressure in FY12 (X) (MT) (AKS)
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Steel stocks are lower Friday morning following comments from POSCO (formerly Pohang Iron and Steel Company) marketing chief Hwang Eun-yeon at an industry event Friday.
The South Korean-based steel giant exec said steel demand is expected to remain low despite the recent rate cut made by The People's Bank of China yesterday.
Reacting on the news are U.S. Steel (NYSE: X), AK Steel (NYSE: AKS), and ArcelorMittal (NYSE: MT), which are down 3.3 percent, 4.5 percent, and 2.6 percent Friday, respectively.
The South Korean-based steel giant exec said steel demand is expected to remain low despite the recent rate cut made by The People's Bank of China yesterday.
Reacting on the news are U.S. Steel (NYSE: X), AK Steel (NYSE: AKS), and ArcelorMittal (NYSE: MT), which are down 3.3 percent, 4.5 percent, and 2.6 percent Friday, respectively.
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