January 25, 2017 / 6:03 PM / in a year

BUZZ-Steel shares fall, led by drop in Steel Dynamics after results

** Steel co shares were down sharply in midday trading Wednesday, led by a 7.5-pct decline in Steel Dynamics following its results and outlook

** Steel Dynamics’ results, reported late Tuesday, were largely in line with expectations, according to a note from KeyBanc Capital Markets analyst Philip Gibbs

** The declines follow a 6.6-pct drop in AK Steel shares Tuesday after the company gave guidance during its conference call that disappointed investors

** AK Steel shares falling another 6.9 pct in today’s session, while U.S. Steel was down 5.1 pct and Nucor was down 2.5 pct. Steel Dynamics’ stock hit its lowest since mid-Nov

** Steel shares rallied after the Nov. 8 election. President Donald Trump has promised increased infrastructure and other spending to boost the U.S. economy and has threatened to impose tariffs on imports

** On Tuesday, Trump said American steel should be used for pipelines built in the United States after signing executive actions to accelerate the Keystone XL and Dakota Access pipeline projects

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