Drilling Down the Outlook for Oil and Gas Pipes
Supply trends are worrisome despite robust demand; narrow-moat producers are the most likely to benefit.
Bridget Freas
Bridget Freas, CFA, is a senior analyst with Morningstar covering the steel and aluminum sectors. Before joining Morningstar in 2010, she worked at an independent equity research boutique covering steel equities following two years as an investment banking associate with Robert W. Baird & Co in the Business Services group. Freas received an MBA from the University of Chicago Booth School of Business and has been a CFA charterholder since 2007.
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Cautious Optimism for More M&A Activity in 2013
Growing corporate cash balances and slowing organic-growth opportunities could lead to increased deal volume this year even if economic uncertainty throttles some activity, says Morningstar’s Bridget Freas.
M&A Market Awaits Clearer Economic Signals
The means and motives for deals are in place, but macroeconomic fears will likely keep the M&A market in waiting.
Ambitious Goals for Worthington Industries Require Caution
The company is more than a play on traditional steel markets, but higher returns may be difficult to sustain.
How to Play North American Steel
The macro outlook is cloudy but we think steel valuations should look appealing to investors with a longer time horizon.
U.S. Steel Has a Sound Strategy, but Hurdles Remain
Although initiatives have promise, the economic backdrop gives us pause.
ArcelorMittal Still a Steal
Despite a difficult operating environment, the steel giant shows promise.
European Weakness Hits ArcelorMittal's 4Q Results
ArcelorMittal sees rising prices and shipments in the first quarter for both Europe and North America, with European economic sentiment improved from just a few months ago.
Our Take on Alcoa's Fourth-Quarter Results
Aluminum demand is still strong, but pricing clouds the outlook for the firm.
Steel Dynamics: Impossible to Ignore China
China's steel producers are becoming more disciplined, but they still have a major impact on the raw-materials and finished-steel markets, says Steel Dynamics COO Dick Teets.
Alcoa's Upstream Value Not Shaken by Economic Uncertainty
The focus here is on selling prices and input costs, not demand.
Deceleration, Not Destruction for Alcoa
We don't think the firm's third-quarter results suggest an impending deep recession that the market is essentially pricing in.
Aluminum Is No Lightweight
It emerges as the clear winner in the game of metal substitution.
Could Excess Supply Foil Aluminum Prices in 2011?
Improving fundamentals have momentum, but the surge in pricing might not last.
How a Japanese Steel Firm is Trying to Dig a Moat
By focusing on high-value, not high-volume products, Sumitomo Metals is attempting to build a sustainable competitive advantage.
Steel Industry Showing Slow, Steady Improvement
Despite bumps along the way, Steel Dynamics' Dick Teets doesn't believe that the steel recovery will run out of steam.
More Consolidation Coming to Chinese Steel Industry
CFO of China Gerui, Edward Meng sees opportunities for his firm to consolidate the high-end cold rolled steel market in China.
A Bumpy Ride Ahead for Steelmakers?
The industry is in recovery, but the climb will not be smooth.