Companhia Siderurgica (SID) Hits New Record High on Steel Recovery, Upbeat Outlook
We recently published 10 Stocks With Massive Gains; 5 at Record Highs. Companhia Siderurgica Nacional (NYSE:SID) was one of the top performers on Wednesday.
Companhia Siderurgica Nacional (NYSE:SID) extended its winning streak to a fourth consecutive day on Wednesday to hit a new 52-week high, as investors took path from a broader optimism for the steel industry’s recovery this year.
During the session, the stock soared by 7.43 percent to close at $1.88 apiece—a record high.
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In an updated market report, Zacks Research posted a positive outlook for the steel industry amid the resilient construction sector as well as the recovering demand in the automotive sector.
Four companies, in particular, are expected to benefit from the growth, including Companhia Siderurgica Nacional (NYSE:SID).
According to Zacks, rising US steel prices have created a favorable landscape for steel producers, while tightened supply and higher end-market demand are expected to prop up steel prices.
On Wednesday alone, data from Trading Economics showed that steel prices were up by 1.22 percent at $3,158.
Brazil-based Companhia Siderurgica Nacional (NYSE:SID), also called National Steel, is one of the largest steel producers in Brazil and Latin America in terms of production. It boasts of a diversified product portfolio including hot- and cold-rolled flat steel, galvanized sheets, and tin plates.
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READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.
Disclosure: None. This article is originally published at Insider Monkey.
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