Sustainable dividends from steelmakers and distributors ready to profit from a government-spurred boost to U.S. manufacturing.is now the subject of a takeover battle, with its rivals looking to bolster their profits with its operations.
Their interest comes ahead of an expected rise in U.S. demand for steel, spurred by President Joe Biden’s climate-focused Inflation Reduction Act and his CHIPS and Science Act. The latter aims to lift domestic production of computer chips. Both should drive steel-dependent infrastructure and manufacturing construction projects.
In the short term, the steel industry could be held back by softness in Chinese demand. But longer term, new U.S. electric vehicles and battery production, plus wind farms and other clean-energy construction, will be key growth drivers. Our search focused on top U.S. and Canadian steelmakers and distributors poised to gain from industry trends. We then applied our TSI Dividend Sustainability Rating System, which awards points to a stock based on key factors:two points if it has raised the payment in the past five years;one point for operating in non-cyclical industries;two points for a strong balance sheet, including manageable debt and adequate cash;one point if the company is an industry leader.
Companies with 10 to 12 points have the most secure dividends or the highest sustainability. Those with seven to nine points have above-average sustainability; four to six points, average sustainability; and one to three points, below average sustainability.
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