To demonstrate at how screwed up things are. I just viewed the fast money analysis. He said that steel prices are down 43% year-over-year. This guy is 100% wrong, and is spewing a bunch of unsubstantiated misleading info. The CRU is a steel publication that provides steel pricing info on a weekly basis. It is well respected, and many large steel buyers base their contract price on the CRU index pricing. As of week 8-24-11, pricing was as follows - Hot rolled 669/ton, cold rolled 782/ton, and galvanized at 785/ton. As of 8-15-12, approximately 1 yr later, hot rolled is at 660/ton, cold rolled 762/ton, and galvanized at 764. Pricing is very close to where it was last year, and the short term trend over the past 4-6 weeks has been upward. What are the consequences for misleading people? Also, after watching this stock for a while, and reading their reports, these analysts, and their backers are really trying to push AKs stock down. It barely budged after the genius from Dahlman downgraded it. So, they come from a different angle and UBS comes out with a $4 target. Really? After dropping from the 8.00 range in April, they now think the stock in only worth $4.00. Give me a break.
If you or I publically defame AKS we are liable to be charged and severely fined or thrown in jail. If one of those maggots wipes ff millions in 1 fake announcement he cashes in with his early puts or calls. Its a total scam.
I dont give any credibility to price targets, they should be forced to disclose their positions prior to the these downgrades. I initiated a small position at 5.60 and will be looking to add on the low 5's.