Steel sector estimates lowered at Goldman

Goldman lowered its HRC steel price forecasts due to iron ore price declines, global oversupply, and reduced cost support. As a result, the firm lowered steel sector estimates and sees downside to Sell rated U.S. Steel (X) and AK Steel (AKS) and prefers specialty metal companies Reliance Steel (RS) and Carpenter Technology (CRS), both Buy rated.

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