** Shares of Nucor NUE.N rise 3.4%, Steel Dynamics STLD.O up ~4% and Cleveland-Cliffs CLF.N gain 3.7%
** U.S. Federal Reserve Chair Jerome Powell pointed to possible rate cut at the central bank's September 16-17 meeting
** Powell also acknowledged growing risks to the job market, said risks of higher inflation remain
** Steelmakers stand to benefit from the possible rate cuts as a driver for higher demand from customers who are currently pressured by inflation
** Including session's gain, the S&P 1500 Steel index .SPCOMSTEEL rose ~19% YTD
(Reporting by Aatreyee Dasgupta)
((Aatreyee.Dasgupta@thomsonreuters.com))
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