Shares of Nucor (NUE) dropped to $33 yesterday amid news that the steel operator expects to report a 1st quarter loss due to weak global demand for steel. Nucor expects a weak 2nd and 3rd quarter in 2009 if economic conditions remain the same. US Steel, Ak Steel and Arcleor Mittal were all down as well on Nucor’s news. I think that metal stocks represent an intriguing value right now and have been buying shares of US Steel in the teens. If stimulus packages done in the US and China have any effect; I would expect the demand for basic materials to rise as well.
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