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STLD

Steel Dynamics

$23.89

0.16 (0.67%)

, MT

ArcelorMittal

$6.25

0.04 (0.64%)

08:17
10/18/16
10/18
08:17
10/18/16
08:17

Steel Dynamics to settle antitrust lawsuit for $4.6M

Steel Dynamics (STLD) announced that it has entered into an agreement to settle the direct purchaser class action litigation, Standard Iron Works v. Arcelor Mittal (MT), for the amount of $4.6M. The lawsuit was brought in Chicago federal court in 2008 by a class of direct steel purchasers, alleging that the company had participated in a conspiracy with other steel manufacturers to restrict steel production. A Motion for Summary Judgment, earlier filed by Steel Dynamics, was pending at the time of settlement. The settlement requires preliminary and final approval by the Court, which the company anticipates it will receive. Following preliminary approval by the court, members of the class will be given an opportunity to opt out of the settlement. Following court approval and payment, Steel Dynamics will receive a full release of all claims that were or could have been brought by all participating class members. An existing, separate claim by "indirect" purchasers is not affected by this settlement, although Steel Dynamics and the other defendants have filed a Motion to Dismiss. We believe the defendants have a strong likelihood of prevailing.

STLD

Steel Dynamics

$23.89

0.16 (0.67%)

MT

ArcelorMittal

$6.25

0.04 (0.64%)

  • 20

    Oct

STLD Steel Dynamics
$23.89

0.16 (0.67%)

08/22/16
SBSH
08/22/16
INITIATION
Target $33
SBSH
Buy
Steel Dynamics initiated with a Buy at Citi
Citi analyst Alexander Hacking initiated Steel Dynamics with a Buy and $33 price target saying it is fundamentally undervalued relative to its sustainable ROIC.
08/22/16
08/22/16
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. AK Steel (AKS) initiated with a Neutral at Citi and a Buy at Rosenblatt. 2. U.S. Steel (X) and Steel Dynamics (STLD) were initiated with a Buy at Citi while the firm initiated Nucor (NUE) and Commercial Metals (CMC) with a Neutral. 3. Pinnacle Entertainment (PNK) initiated with a Buy at BofA/Merrill. 4. Ferrellgas Partners LP (FGP) initiated with a Neutral at Piper Jaffray. 5. Kadmon (KDMN) initiated with an Outperform at JMP Securities, with a Neutral at Citi, and with a Buy at H.C. Wainwright. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
09/15/16
BOFA
09/15/16
NO CHANGE
BOFA
BofA/Merrill cautious on US steel prices correcting into 2H 2016
BofA/Merrill analyst Timma Tanners is cautious on U.S. steel prices correcting into 2H 2016 and expects foreign tons to target the U.S. to shrink the U.S. premium. The analyst lowered Q4 HRC spot price to $520/st from $570/st and trimmed 2H 2016 volume assumptions due to inventory destocking and shorter lead times. As a result, Tanners lowered price target on U.S. Steel (X) to $16 from $21 , Reliance Steel (RS) to $78 from $84, Nucor (NUE) to $50 from $55, Steel Dynamics (STLD) to $27 from $28, and Commercial Metals (CMC) to $15 from $16.
09/20/16
COWN
09/20/16
NO CHANGE
Target $33
COWN
Outperform
Steel Dynamics weakness would be buying opportunity, says Cowen
Cowen analyst Anthony Rizzuto said Steel Dynamics remains his top pick and should be bought on pullbacks. The analyst expects Q3 profitability to increase due to improved metal spreads. Rizzuto reiterated his Outperform rating and $33 price target on Steel Dynamics shares.
MT ArcelorMittal
$6.25

0.04 (0.64%)

06/28/16
GSCO
06/28/16
DOWNGRADE
GSCO
Buy
ArcelorMittal downgraded to Buy from Conviction Buy at Goldman
Goldman Sachs downgraded ArcelorMittal to Neutral saying steel demand is likely to fall as U.K. GDP declines.
08/09/16
CLKS
08/09/16
UPGRADE
CLKS
Buy
ArcelorMittal upgraded to Buy from Neutral at Clarksons Platou
08/19/16
JPMS
08/19/16
UPGRADE
JPMS
Neutral
ArcelorMittal upgraded to Neutral from Underweight at JPMorgan
JPMorgan analyst Roger Bell upgraded ArcelorMittal to Neutral citing valuation. The analyst has a price target of EUR 6 for the shares.
10/13/16
GSCO
10/13/16
DOWNGRADE
GSCO
Neutral
ArcelorMittal downgraded to Neutral from Buy at Goldman (pre-open)
Pre-open, Goldman analyst Eugene King downgraded ArcelorMittal to Neutral citing year-to-date outperformance.

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