Steel, Building Material, Equipment Makers Gain As Infra Bill Gets Senate OK

By Dhirendra Tripathi — Shares of steel producers and those of construction material and equipment providers were all up by least 1% in Wednesday’s premarket trading following the passage of the $1 trillion infrastructure package through the Senate.

Nucor (NYSE:NUE) was up 2.8%, United States Steel (SA:USSX34) 1.2% and Cleveland-Cliffs (NYSE:CLF) 1%.

Building materials producer Vulcan (NYSE:VMC) gained 1.4% on hopes that the spending will spur demand for its products and boost its topline. Caterpillar (NYSE:CAT), whose equipment for mining and excavation can often be seen at construction sites, was up 0.8%.

The proposed spending is one of the most ambitious and substantial investment in roads, bridges, rail, electricity grids and water projects committed by any administration in several decades.

The approval tops the previous projection and includes an additional $550 billion of investment in water projects, electricity grid and safety efforts.

The package now faces its last hurdle in the Congress.

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By Matt Earle

Matthew Earle is the Founder of MiningFeeds. In 2005, Matt founded to provide data and information to the mining investment community. This site was merged with Highgrade Review to form MiningFeeds. Matt has a B.Sc. degree with a minor in geology from the University of Toronto.

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