5 Steel Stocks to Boost Your Portfolio Even as Prices Retreat
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Update time : 2022-01-07 18:11:31
The steel industry had a banner year in 2021 as steel prices touched all-time highs, allowing companies in this space to churn our record profits despite a spike in the cost of raw materials including ferrous scrap and headwinds from supply-chain and logistics issues.
However, steel prices lost steam in the last three months of the year, partly due to the improving supply-side situation. Despite the pullback, prices remain elevated compared with historic levels while demand fundamentals for steel continue to be solid. In the current scenario, stocks like Commercial Metals CompanyCMC, TimkenSteel CorporationTMST, thyssenkrupp AGTKAMY, Nucor CorporationNUE and United States Steel Corporation X are worth adding to your portfolio now.
