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3 Steel Stocks That Are Melting Down

The sector is rolling over again as China continues to let steel capacity go unused

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Melting Steel Stocks #2: Nucor (NUE)

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Nucor (NUE), like AK Steel, is also falling out of an uptrend pattern going back to last summer as the sellers assert themselves. NUE stock got hit with a downgrade by analysts at BMO Capital Markets earlier this month, which added to the pressure.

The company guided Q4 earnings per share below analyst estimates, in a range of 35 to 40 cents per share vs. the 41-cent consensus estimate.

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