U.S. Steel rally on antidumping probe premature, says Wells Fargo Wells Fargo notes that shares of U.S. Steel rallied sharply yesterday following news that OCTG producers filed a petition with the ITC to conduct an antidumping investigation against nine countries. Wells views the rally as premature, noting that a final determination by the ITC can take over a year while the company's fundamentals remain challenging. The firm has a Market Perform rating on 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.