U.S. Steel Corp. Officials Buy Stock As Production Rises
It looks like executives at United States Steel Corporation (NYSE:X) view the current climate of the steel industry as a proper time to perform insider buying, as these officials have purchased tens of thousands of dollars in stock in recent weeks.
The insider trades were made amid an improving steel market. According to Zacks Investment Research, U.S. steel production rose in July after a slight decline in June. A recent World Steel Association report found that crude steel output for 62 nations grew by 2 percent on the year in July to 130 million tons.
Steel production in the U.S. rose by 0.9 percent to 7.4 million tons, making it the the third-largest steel producer in the world, while fellow North American country Mexico saw production fall 7.6 percent to 1.5 million tons and Canada increased its output 12.7 percent to 1.2 million tons.
It seems director Murray Gerber sees the improving steel market as a time to buy, as he purchased 1,000 shares on August 17 for $23.40 each for a total of $23,400.
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