Shares of U.S. steel, metals companies sink

Shares of U.S. steel, metals companies sink

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NEW YORK (Reuters) - Shares of steel and metals producers such as Century Aluminum (CENX.O) and U.S. Steel (X.N) fell sharply on Monday as weaker metals prices prompted investors to take profits on the recent market gains.

Century Aluminum shares fell 7.62 percent to $10.67, while AK Steel Holdings (AKS.N) dropped 7.3 percent to $19.18. U.S. Steel slipped 7.35 percent to $42.75 and Alcoa Inc (AA.N) dropped 6 percent to $12.47.

Freeport McMoRan Copper & Gold (FCX.N), which reached a settlement with Congolese authorities to pay $16 million in fees and penalties under a visa settlement, saw its shares slump 6.17 percent to $59.72.

Analysts said the more pessimistic market sentiment that pushed the Standard & Poor's 500 index down 2.3 percent, coupled with the weaker metals prices, had prompted the selloff.

Copper futures prices in New York fell 2.6 percent to $2.76 a ton , while aluminum futures on the Comex were off 3 cents to 88 cents per pound.


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Companies In This Article
Century Aluminum Co (CENX.O) Quote, Profile, Research
United States Steel Corporation (X.N) Quote, Profile, Research
AK Steel Holding Corporation (AKS.N) Quote, Profile, Research
Alcoa Inc. (AA.N) Quote, Profile, Research
Freeport-McMoRan Copper & Gold Inc. (FCX.N) Quote,