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Old 10-20-2015, 07:49 AM  
Hog's Gone Fishin Hog's Gone Fishin is offline
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Investing....What about Steel Stocks ?
I took a load of scrap metal to the salvage yard and nearly had to pay them to take it. I remember several years ago people everywhere were dragging trailers loaded to the hilt with steel to the yards making good money scavenging. So I thought I'd investigate a little.

US steel (x) is selling for around $12 / share right now

Less than 12 months ago it was near $50

In 2008 it was $196

Right now it is at a 10 year low.

I'm reading that China is the major producer and supplier but their economy is faltering and the steel companies are in danger of going belly up. When this happens we should see prices move up.

Thinking about throwing 5 at it but don't want to wait for a Chiefs SB win to make a profit.

Thoughts ?
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Old 10-20-2015, 09:31 AM   #16
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There are only two times during the business cycle that you want to hold commodities or commodity related stocks (like steel companies). You want to own them at the beginning of the cycle after a recession starts to turn back to growth and when you see inflation during the latter stages of an economic expansion.

Steel is especially challenged because of China's state owned companies who won't ever completely shut down, lack of global growth, and an oversupply of steel right now.
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Old 10-20-2015, 10:09 AM   #17
Hog's Gone Fishin Hog's Gone Fishin is offline
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Quote:
Originally Posted by ChiTown View Post
It's going lower - that's the point. Hold off.
10 year high....... $196

12 months ago....... $50

Current Price........$12


Could go to...........$9

Hold off ?
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Old 10-20-2015, 10:11 AM   #18
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Quote:
Originally Posted by Hog Farmer View Post
10 year high....... $196

12 months ago....... $50

Current Price........$12


Could go to...........$9

Hold off ?
I'm just telling you, as a guy who does business with USS, I have them on an extremely short rope. I wouldn't touch their stock at all - not right now.
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Old 10-20-2015, 10:19 AM   #19
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I'm sure they'd be durable, but I can't imagine walking around in them all day. They'd be cold in the winter too.
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Old 10-20-2015, 10:21 AM   #20
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Quote:
Originally Posted by ChiTown View Post
I'm just telling you, as a guy who does business with USS, I have them on an extremely short rope. I wouldn't touch their stock at all - not right now.
Gotcha !

but I have to wait for Rainman to see what he thinks also because if he get's in then Buffett gets in. Buffett follows Rainman.

Buffet gets in then the stock automatically goes to $30
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Old 10-20-2015, 10:22 AM   #21
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Originally Posted by Cochise View Post
I'm sure they'd be durable, but I can't imagine walking around in them all day. They'd be cold in the winter too.

STOCKS NOT SOCKS GOD DAMMIT !
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Old 10-20-2015, 10:51 AM   #22
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Thought this said "Steel Socks" and was a new mafia twist on cement shoes.
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Old 10-20-2015, 11:18 AM   #23
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Quote:
Originally Posted by Hog Farmer View Post
Gotcha !

but I have to wait for Rainman to see what he thinks also because if he get's in then Buffett gets in. Buffett follows Rainman.

Buffet gets in then the stock automatically goes to $30

I'm not in steel, so I don't see Buffet doing anything.

I've got some stock in BHP (iron ore and other stuff), and I can confirm that this industry is in a down cycle. BHP has been beating me with a stick.
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Old 10-20-2015, 02:20 PM   #24
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Originally Posted by Rain Man View Post
I'm not in steel, so I don't see Buffet doing anything.

I've got some stock in BHP (iron ore and other stuff), and I can confirm that this industry is in a down cycle. BHP has been beating me with a stick.

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Old 10-21-2015, 02:36 PM   #25
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Originally Posted by Dave Lane View Post
This is exactly when you buy. I may buy some and I don't have any stocks at all. I buy on bad news because bad news generally fades. Look at the fundamentals. If the company is solid not teetering on bankruptcy then start buying.
Closed at 10.85 today.
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Old 12-04-2015, 12:18 PM   #26
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Quote:
Originally Posted by Hog Farmer View Post
10 year high....... $196

12 months ago....... $50

Current Price........$12


Could go to...........$9

Hold off ?

Current price now at $7.78

52 week low $7.50
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Old 12-04-2015, 12:21 PM   #27
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Another steel stock (GGB)

5 year high $13.00

Right now $1.46
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Old 12-04-2015, 12:25 PM   #28
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Everytime i see this thread title i think it reads as "Steel Socks"...

Who the hell woulda wanna invest in Steel Socks?
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Old 12-04-2015, 12:28 PM   #29
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Quote:
Originally Posted by Hog Farmer View Post
Current price now at $7.78

52 week low $7.50

Took a quick look. Just looks ugly for steel for the foreseeable future. USX uses inefficient blast furnaces, which means their costs of production are higher than many other big steel companies. They are also a big oil and gas supplier, but oil and gas is in the tank now too becuase oil prices have tanked.

Their nickel-a-share dividend isn't exciting, and they basically need either oil and gas in particular, or the world economy in general, to take off, for their stock to go up much.

I would assume downside risk is pretty small. Can't imagien USX becoming a penny stock, so if you're patient enough to wait....potentially a long time...
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Old 12-04-2015, 12:29 PM   #30
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Quote:
Originally Posted by Detoxing View Post
Everytime i see this thread title i think it reads as "Steel Socks"...

Who the hell woulda wanna invest in Steel Socks?




Quote:
Originally Posted by Cochise View Post
I'm sure they'd be durable, but I can't imagine walking around in them all day. They'd be cold in the winter too.
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