US Steel shares rose sharply by 7.82% in Wednesday's US stock trading, the company's share price is likely to hit the highest level since April 25, 2017, mainly due to the company announced better-than-expected Profit and sales reports, and better-than-expected earnings outlook.
Shares of U.S. steel had fallen for four straight sessions, having plunged 4.3% since trading on Tuesday as investors are worried that the company would likely fall sharply following its rival AK Steel. AK Steel had previously reported an unexpected loss in company performance and revenue was lower than expected, which affected the company's share price to its lowest level in a year. However, U.S. steel companies posted earnings and revenue late Tuesday that exceeded market expectations and the company posted 2017 earnings outlook above market analysts' expectations.
So far this year, U.S. steel shares have fallen 13%, while shares of AK Steel fell 54% and the S & P 500 index grew 16% over the same period.