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Why Companhia Siderurgica Nacional Stock Just Popped 9%

Rich Smith, The Motley Fool
·2-min read
Why Companhia Siderurgica Nacional Stock Just Popped 9%

Shares of Brazilian steelmaker Companhia Siderurgica Nacional (NYSE: SID) are starting the day of right Wednesday, rising 9.3% as of noon EDT. This morning, investment bank Credit Suisse made a broad statement of optimism about global steel demand in general, raising its forecasts for steel demand by 7% for next year. Credit Suisse is even more optimistic about demand for steel input iron ore than for steel itself, predicting ore prices will rise between 17% and 30% over the next three years, according to Barron's. But this could be doubly good news for industrial giant Companhia Siderurgica Nacional, which sells a lot of steel ($3.5 billion worth last year) and also a lot of iron ore with which to make the steel ($2.5 billion, according to data from S&P Global Market Intelligence).

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