Auto Makers Target China as New U.S. Trade Rules Loom
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DRI production is changing the game for undervalued Nucor .
But a differentiated production process at steelmakers Nucor and Ternium--both trading in 4-star territory--should better position them for the new environment.
Short-term headwinds portend an ugly 2015 for U.S. steelmakers, but stock prices imply overly bearish long-term expectations.
Total non-residential-construction spending is likely to disappoint over the next decade, but growth in construction-heavy industries like manufacturing and highways bodes well for some companies.
Despite decent demand from key sectors, steelmaker stocks look cheap as they confront imports, a strengthening dollar, and the specter of Chinese overcapacity.
Low-cost production and a top-line facility provide a positive moat trend to this narrow-moat company.
The faltering Chinese real estate market is weighing on globally fungible commodities like iron ore, while improving developed-country construction markets aid regionally priced commodities like cement.