U.S. Steel reiterated as a short position at Axiom Axiom expects a major price correction in HRC spot prices given checks that indicate mills are full following winter disruptions, record exports from China, and U.S. import license data is trending to record levels. The analyst believes U.S. Steel is among the best shorts in the market and the timing is right before a fall in pricing.
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.