U.S. Steel downgraded to Sell from Neutral at Citigroup Citigroup downgraded U.S. Steel (X) to Sell citing falling steel prices and lowered its price target for shares to $23 from $28. Citi recommends a pair trade of buying Steel Dynamics (STLD) and selling U.S. Steel.
U.S. Steel downgraded to Neutral from Buy at Nomura Nomura believes U.S dollar strength and cost curve deflation driven by lower raw material prices and freight rates will continue to alter the global steel landscape. The firm expects continued export pressure by Russia and China into the global market to be highly disruptive, and when combined with further U.S. dollar strength, to pressure the U.S. steel sector. As a result, Nomura downgraded U.S. Steel (X) to Neutral and lowered its price target to $21 from $37.