Core Viewpoint - Nucor experienced a cybersecurity incident that led to the temporary shutdown of some production operations as a precautionary measure [1][3]. Group 1: Incident Details - The company discovered unauthorized third-party access to certain information technology systems [1]. - Nucor is actively investigating the incident with the help of external cybersecurity experts and has notified federal law enforcement [5]. - The specific production operations that were shut down have not been disclosed, but the company is working to restore them [1][3]. Group 2: Company Profile - Nucor is considered the largest and most diversified steel and steel products producer in North America, manufacturing products such as bars, beams, electrical conduit, girders, and fasteners [5]. - The company's facilities are primarily located across North America [3].

Investment Rating - The industry investment rating is classified as Attractive [6]. Core Insights - More steel mills have received production control notices, indicating tighter supply conditions in the steel market [9]. - Cement and long steel products consumption were affected by holidays and rainy weather, leading to fluctuations in demand [9]. - Planned production in the lithium battery supply chain has seen a mild increase in May, reflecting ongoing investment in this sector [9]. - Total investment in projects that started construction in April was approximately Rmb 3.2 trillion, representing a decrease of 8% month-over-month and 20% year-over-year, while the year-to-date figure is up 16% year-over-year [9]. Summary by Sections Production and Sales - Jiangsu and Shaanxi provinces have been ordered to reduce their annual crude steel production by 6 million tons and 1 million tons, respectively [2]. - Daily output of crude steel from key enterprises was reported at 2.202 million tons at the end of April, showing a decrease of 1.2% compared to mid-April but a slight increase of 0.1% year-over-year [2]. Market Activity - PV retail sales reached 1.755 million units in April, marking a year-over-year increase of 14.5% but a month-over-month decline of 9.4% [3]. - NEV sales totaled 905,000 units in April, reflecting a year-over-year increase of 33.9% but a month-over-month decrease of 8.7% [3]. - Excavator sales in April were estimated at around 22,000 units, up 17% year-over-year [3]. Building Materials - Weekly cement shipments in May were reported at 175.3 billion Rmb, with North China showing a 51% share, down 3.3 percentage points year-over-year [4]. - The investment in new projects started in April was Rmb 3.2 trillion, down 8% month-over-month and 20% year-over-year [4]. Consumption Trends - Weekly steel apparent consumption was reported at 21.8 million tons year-to-date, with long products down 23% and flat products down 6% compared to the previous year [4]. - Glass inventory increased by 3% month-over-month and 6% year-over-year, indicating stable demand in the glass sector [4].

Core Viewpoint - Cleveland-Cliffs Inc. is facing scrutiny for potential violations of federal securities laws following a disappointing financial report and operational changes [1][2]. Financial Performance - Cleveland-Cliffs reported an adjusted loss that was larger than expected for Q1 2025, with a year-over-year revenue decline of 11%, totaling $4.63 billion [2]. - The company's share price fell from $8.49 to $7.15 following the announcement of its financial results [2]. Operational Changes - The company plans to fully or partially idle six steel plants due to negative impacts from underperforming non-core assets and lower index prices experienced in late 2024 and early 2025 [2]. - Cleveland-Cliffs is repositioning its portfolio to focus more on the automotive industry, moving away from non-core markets such as rail, high-carbon sheet, and specialty plate products [2].

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Core Viewpoint - Cleveland-Cliffs Inc. is under investigation for potential securities fraud and unlawful business practices following disappointing financial results and operational changes [1][3]. Financial Performance - Cleveland-Cliffs reported a larger than expected adjusted loss for Q1 2025, with a year-over-year revenue decline of 11% to $4.63 billion [3]. - The company plans to fully or partially idle six steel plants due to underperforming non-core assets and the impact of lower index prices from late 2024 and early 2025 [3]. Stock Market Reaction - Following the announcement of its financial results, Cleveland-Cliffs' stock price fell by $1.34 per share, or 15.78%, closing at $7.15 per share on May 8, 2025 [4]. Strategic Shift - The CEO indicated a strategic repositioning of the company's portfolio away from non-core markets, such as rail and high-carbon sheet products, towards the automotive industry [3].

Ownership Trends - As of March 2025, Foreign Institutional Investors (FIIs) owned 18.1% of BSE 500 stocks, down from a peak of 22% in 2014, while Domestic Institutional Investors (DIIs) owned 17.2%, the highest in 18 years[7][11] - In Q1 2025, DIIs increased their ownership in large-caps to 18.2% from 17.8%, mid-caps to 15.2% from 14.9%, and small-caps to 14.1% from 13.4%[8][16] Sector Exposure - FIIs increased exposure to Financials while reducing it in Consumer Staples, Consumer Discretionary, Healthcare, and Technology[3] - Retail investors increased their ownership in small-caps to 13.6% from 13.4% but reduced it in large-caps to 7.7% from 7.8%[10] Crowding and Alpha Opportunities - Stocks with significant increases in institutional ownership have underperformed the market by -3.5% to -3.8% per annum since 2006, indicating crowding behavior[4][35] - Under-owned stocks have historically generated alpha of 1.2% to 3.6% per annum since 2006, suggesting potential investment opportunities[4][42] Industry Rotation Strategy - A strategy of going long on the three least crowded and short on the three most crowded industries has yielded 5% annualized returns since 2009, with a notable increase to 29% post-COVID[52][56] - In Q1 2025, the crowded industry cohort was down -12.2%, while the market was down -4.6%, highlighting the risks associated with crowded sectors[4][52] Current Market Insights - The least crowded industries currently include Media, Steel, and Energy, while the most crowded are concentrated in Financials, particularly Banking and Asset Management[4][54] - The retail investor class remains the largest in small-caps, owning 13.6% compared to mutual funds at 11.2% and FIIs at 11.4%[10]

Core Viewpoint - The Chinese silicon steel market is experiencing growth, with non-oriented silicon steel dominating production, accounting for 82% of the total output in the first half of 2024, while oriented silicon steel is also on the rise [1][3]. Group 1: Production and Market Trends - In the first half of 2024, China's silicon steel production reached 7.802 million tons, with non-oriented silicon steel production at 6.417 million tons and oriented silicon steel at 1.385 million tons [1]. - The total silicon steel production for 2024 is projected to exceed 15 million tons, maintaining a dominant share for non-oriented silicon steel [1]. - From 2019 to 2023, non-oriented silicon steel capacity increased from 10.96 million tons to 13.71 million tons, with a compound annual growth rate (CAGR) of 7.4% [3]. - Oriented silicon steel production grew from 1.78 million tons in 2019 to 2.96 million tons in 2023, with a forecast of 3.18 million tons for early 2024 [5]. Group 2: Company Developments - Major companies in the non-oriented silicon steel sector include Baosteel, Ansteel, and Taiyuan Iron & Steel, with Baosteel leading with a capacity of over 2 million tons, including 1 million tons of high-grade products [7]. - In the oriented silicon steel market, Baosteel also leads with a capacity of 1.16 million tons, while Wanfeng Electric is noted as the top private enterprise in this segment [7]. - Baosteel's production capabilities include a significant focus on high-grade and thin specifications, with ongoing expansions planned by companies like Shagang and New Steel [7][9].

Core Viewpoint - Cleveland-Cliffs Inc. is under investigation for potential violations of federal securities laws and unlawful business practices following disappointing financial results and operational changes [1][3]. Financial Performance - Cleveland-Cliffs reported a larger than expected adjusted loss for Q1 2025, with a year-over-year revenue decline of 11% to $4.63 billion [3]. - The company's share price fell from $8.49 on May 7, 2025, to $7.15 on May 8, 2025, a decline of $1.34 per share [3]. Operational Changes - The company plans to fully or partially idle six steel plants due to negative impacts from underperforming non-core assets and lower index prices from late 2024 and early 2025 [3]. - Cleveland-Cliffs is repositioning its portfolio away from non-core markets, including rail, high-carbon sheet, and specialty plate products, and is focusing on the automotive industry [3].

NEW YORK, May 12, 2025 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of  Cleveland-Cliffs Inc. ("Cleveland-Cliffs" or the "Company") (NYSE: CLF). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.The investigation concerns whether Cleveland-Cliffs and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. [Click here for information about joining the class action]On May ...

Group 1 - Steel exports continue to remain significantly above the monthly average of 9.2 million tons, indicating strong market performance [1] - Stable demand is supporting iron ore prices, suggesting potential for a market uptrend [1]