US Steel shares rise a fourth day on Wednesday, company to restore 10 000 jobs in the United States

The NYSE-listed United States Steel Corporation (X) may be looking to restore 10 000 job positions in the United States, according to the companys CEO Mario Longhi. However, in an interview with CNBC he did not specify any time frame for potential additions.

United States Steel shares closed higher for a fourth consecutive trading session on Wednesday. The stock surged 4.28% ($1.54) to $37.49, after going up as high as $38.19 a share, or a level not seen since November 4th 2014 ($39.15). Shares have risen 11.54% so far during the current week and 15.86% since the start of December. In the week ended on December 4th the integrated steel producer added 1.14% to its market value to mark its fifth consecutive week of advance. Novembers 67.22% gain marked the stocks best performance since March 2016.

“Im more than happy to bring back the employees that we were forced to lay off during the depressing period,” US Steels Longhi told CNBC.

The steel giant is looking to accelerate its investment activity in the United States within a short term as regulation and tax law changes would provide a considerable boost to growth, according to Longhi. It has already become clear that the Trump administration plans to simplify the tax code and reduce the corporate tax rate from 35% to 15%.

“Market conditions will dictate if, when and how many employees we can recall,” a spokesperson from the US steel giant told Reuters yesterday, cited by the same media.

The company has laid off employees in the United States in an attempt to keep expenditures checked and mitigate the effect of sharply lower steel prices due to a globally saturated market. About 21 000 people were employed with US Steel in North America as of December 31st 2016, or a drop by 7 000 compared to 2007.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, todays levels of importance for the United States Steel stock are presented as follows:

R1 – $37.69
R2 – $37.89
R3 (Range Resistance – Sell) – $38.09
R4 (Long Breakout) – $38.69
R5 (Breakout Target 1) – $39.39
R6 (Breakout Target 2) – $39.76

S1 – $37.29
S2 – $37.09
S3 (Range Support – Buy) – $36.89
S4 (Short Breakout) – $36.29
S5 (Breakout Target 1) – $35.59
S6 (Breakout Target 2) – $35.22

By using the traditional method of calculation, the weekly levels of importance for United States Steel Corporation (X) are presented as follows:

Central Pivot Point – $32.50
R1 – $34.76
R2 – $35.91
R3 – $38.17
R4 – $40.43

S1 – $31.35
S2 – $29.09
S3 – $27.94
S4 – $26.79