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3 Steel Stocks Under $10 to Scoop Up Now By StockNews

by Mike Robinson

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© 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. It could make sense to place your money on steel stocks that are affordable, such as Tata Steel (TATLY), Companhia(SID), or Mechel (MTL). For a closer look at these stocks, please continue reading. Steel demand rebounded in the first six months 2021. According to the World Steel Association, steel demand will grow by 5.8% and 2.7% respectively in 2021-2022.

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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