United States Steel Corporation (X)

[tootalljones]

Jack4 hours ago
Ukraine produces 20M tons of steel annually. 20M tons is equivalent to 27% of US steel production. In other words, it's a big deal. Russia produces 3x that. The steelmageddon thesis (may it Rest In Peace) was predicated on 12M tons of new production. All of that and more has been temporarily removed from the market by this war. If Russian sanctions get extended to steel, then all bets are off on what a ceiling could look like since Russia produces 3x the volume of Ukraine in addition to being a major global supplier or pig iron and iron ore. HRC Futures are now at $1450 or higher all the way out to Dec. 2022. It is now likely we will revisit and even surpass the previous $1900 range. What a year shaping up for X.