Cramer Bullish on Select Steel, Analysts Mixed Recently (X, NUE, GNA, AKS, More...)

Jim Cramer is bullish on the steel sector, even though recent writing haven't been exactly kind to steelmakers. Some of his recent thoughts are:

• Gerdau Ameristeel Corp. (NYSE: GNA) is a very good steel company His belief to buy the shares outweighs the analysts that are saying to stay away from steel as a whole.
  
  
• Yesterday, he thought it was a mistake not to buy Nucor Corporation (NYSE: NUE);
  
  
• Other than Baidu (Nasdaq: BIDU), he's not recommending any stock in China. Cramer thinks that the Chinese are currently in a demand-side economy;
  
  
• An important factor, though some say its more talk than action, is the proposed 40% tax of 'excess profits above a specified, reasonable rate" tax in Australia;
  
  
• Vale S.A. (NYSE: VALE) under $25 is a good buy, and he's mad he didn't pick it up last week at $24;
  
  
• AK Steel (NYSE: AKS) is a "terrible company."
  
  
• Finally, U.S. Steel (NYSE: X) looking interesting on recent pullback. It is backwardly intergrated and does have a lot of exposure to the European market, which "is going to hurt them."

Also, today, Goldman Sachs removed U.S. Steel from their Conviction Buy List, but maintained a Buy rating on the shares, with a $73 6-month price target. The firm says that "European concerns, Chinese tightening and the oil spill remain an overhang. Weakness in spot Chinese iron ore prices and softness in US scrap prices have also been weighing on the stock." Shares of U.S. Steel are down 6.89% to $42.16 today. The shares are no where near their 52-week low of $29.35, but with a 52-week high of $70.95, they're almost, literally, right in the middle.

Deutsche Bank also cut their outlook on North American steel stocks. They cut AK Steel's price target from $22 to $17, while maintaining a Hold rating. Gerdau Ameristeeel was maintained with an $8 price target and Hold rating. U.S. Steel has a Buy rating from the firm, with a price target cut from $85 to $65. Click here for more companies from the call.

Gerdau Ameristeel also got several downgrades yesterday, following the shares spike after an $11 share takeover offer from Gerdau S.A. (NYSE: GGB). Raymond James and BMO Capital downgraded the company from Outperform to Market Perform. TD Newcrest also downgraded the company from Buy to Hold, but increased their price target from $8.50 to $11.

AK Steel was recently named one of Citi's three top ideas in late May. The firm upgraded AKS to Buy following a recent 46% price fall that the shares saw. Citi has a $9 price target on the stock. On the same day, BofA/Merrill Lynch upgraded from Underperform to Neutral, not citing a reason. Both of the moves came before Deutsche made their call.

Following today's jobs data, it'd be a hard sell to start buying into a slowdown in the economic recovery. Considering that many analysts have such differing opinions on the sector, take each with a grain of salt.

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