Domestic Steel Names Surging (STLD, X, AKS)

Shares of steel companies are bucking the broader trend today and are moving higher. The catalyst for this move appears to be earnings from Steel Dynamics STLD and news out of China on energy demand. Last night Steel Dynamics reported earnings that fell short of Wall Street forecasts. Management, however, stated that they see markets for their steel products remaining relatively steady. Also last night, the International Energy Agency said China overtook the U.S. as the world's biggest energy user. This means that consumer and industrial demand in China is increasing and that the slowdown everyone is fearing may not be as severe as thought. Steel Dynamics is up 20 cents, or 1.43%, to $14.20. U.S. Steel X is up $1.00, or 2.43%, to $42.22. AK Steel AKS is up 46 cents, or 3.41%, to $13.96.