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3 Steel Stocks Under $10 to Scoop Up Now

Published 09/15/2021, 05:09 PM
Updated 09/15/2021, 06:30 PM
© Reuters.  3 Steel Stocks Under $10 to Scoop Up Now

© Reuters. 3 Steel Stocks Under $10 to Scoop Up Now

The demand for steel is rebounding significantly with the reopening of industries. Government investments in infrastructure development and other structural changes are expected to shape the industry’s long-term growth prospects. Therefore, we think it could be wise to bet on affordable steel stocks Tata Steel (TATLY), Companhia (SID), and Mechel (MTL). Read on for an examination of these names.Steel demand has recovered during the first six months of 2021. The World Steel Association forecasts steel demand to grow by 5.8% in 2021 and by 2.7% in 2022.

A recently approved $1 trillion Senate infrastructure plan is expected to drive the steel industry’s growth because steel is widely used for construction. Rapid development in urban centers and other infrastructure initiatives are expected to drive Steel companies’ growth.

Given the industry’s solid growth prospects, we think quality steel stocks, Tata Steel Limited (TATLY), Companhia Siderúrgica Nacional (SID), and Mechel PAO (MTL), which are currently trading below $10, could be ideal bets now.

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