Barron's Article Comments on U.S. Steel (X); Share Could Continue to Decline in Near-Term
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Barron's article comments on U.S. Steel (NYSE: X).
Some Positive Highlights Include:
1) UBS analyst says the auto industry might have greater consumption of sheet steel in the next six months, but it may only be a short-term increase.
2) Morgan Stanley analyst Mark Liinamaa, say U.S. Steel's key markets, including automotive and manufactured goods, will recover ahead of the construction market, on which some rivals depend.
Some Negative Highlights Include:
1) Industry analysts fear that China (accounting for approx. half the world's steel output), could start flooding the market again with excess product.
2) The tubular side of U.S. Steel's business is seeing a lot of oversupply.
3) Sheet-steel prices could fall amid capacity restarts and excess global supply.
4) UBS analyst has a Sell rating on the stock and a $25 price target.
5) Price of hot-rolled coil, the industry's main product, has fallen about 50% in the past 14 months.
6) U.S. Steel's mills are operating at 58% of capacity, and analysts expect U.S. Steel to lose $10.52 a share this year before swinging modestly into the black in 2010. Revenue is seen falling more than 50%, to $11 billion.
7) Many industry analysts think AK Steel (NYSE: AKS), ArcelorMittal (NYSE: MT), Nucor (NYSE: NUE), Steel Dynamics (Nasdaq: STLD) and other steel companies are better buys than U.S. Steel today.
United States Steel Corporation, through its subsidiaries, engages in the production and sale of steel products primarily in North America and Europe.
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