On US Market Close - Arcelor Mittal Up 8.61%, Steel & Iron Up 4.41% On Wednesday there was a clear break out above resistance. ACL had an expected healthy pullback today to the moving average where it found support. Tomorrow should offer a good opportunity for a long position, this is supported by the US Arcelor Mittal rally and strong rise on steel stocks. Short Term Target would be 10500 (13,3% profit target) Would strongly recommend ACL vs Highveld for the steel exposure tomorrow as Highveld just released a drop in headline earnings and operating profit. Hope it helps, regards, Trend After Hours: 33.12 Down 0.18 (0.54%) 4:15PM EThelp Last Trade: 33.30 Trade Time: 4:00pm ET Change: Up 2.64 (8.61%) Prev Close: 30.66 Open: 32.23 Bid: N/A Ask: N/A 1y Target Est: 47.60 Day's Range: 31.35 - 33.54 52wk Range: 15.44 - 104.77 Volume: 11,236,365 Avg Vol (3m): 8,892,970 Market Cap: 45.49B P/E (ttm): 7.68 EPS (ttm): 4.34 Div & Yield: 0.64 (2.10%) Industry Market Summary Steel & Iron Composite Value: 402.3 Today's Change: +4.41% S&P 500: +1.54%
About the fine will this not dempen the long ? which way will it go ? "ArcelorMittal South Africa will find out this morning whether it must pay the biggest fine in South African history for breaches of competition law. Last October the Competition Appeal Court heard the steel maker's appeal against a R691.8m penalty slapped on it by the competition tribunal in 2007 for excessive pricing of flat steel products"
CAPE TOWN, May 29 (Reuters) - The Competition Appeal Court on Friday upheld an appeal by the South African unit of the world's No. 1 steel maker, ArcelorMittal SA (ACLJ.J: Quote), against a record fine of 691.8 million rand ($86.79 million) Does this mean in favour of ACL
Here is an extract from the time which seems to read in favour of ACL "The Competition Appeal Court has set aside a Competition Tribunal decision that ArcelorMittal SA charged too much for its flat steel products, the tribunal said. The matter has been referred back to the tribunal, it said in a statement. The court also suspended the R691.8 million fine imposed on ArcelorMittal SA by the tribunal in 2007."
Definately in favour of Mittal From Moneyweb Mittal klaps Competition Tribunal in court R691.8m fine suspended by Competition Appeal Court. Reuters 29 May 2009 10:22 CAPE TOWN - (Reuters) - The Competition Appeal Court on Friday upheld an appeal by the South African unit of the world's No. 1 steel maker, ArcelorMittal SA (ACLJ.J), against a record fine of 691.8 million rand ($86.79 million). The fine was imposed on the firm by the Competition Tribunal in September, 2007 for charging "excessive" prices on flat steel products, and represented 5.5 percent of ArcelorMittal SA's total turnover of 12.76 billion rand earned on flat steel in both the local and export market during 2003. The tribunal said at the time that ArcelorMittal SA had contravened the Competition Act by charging an excessive price for its flat steel products to the detriment of consumers. Appeal Court judge Dennis Davis stopped short of dismissing the Tribunal's case but referred the matter back to the Competition Tribunal, thus leaving the matter unresolved.