Steel Sector In Play Following Credit Suisse Upgrade Of U.S. Steel

Benzinga

Shares of U.S Steel (NASDAQ: X) continue to trend upward amid an upgrade from Credit Suisse.

Shares of U.S. Steel are up roughly 80 percent from the lows in June. Following Mondays upgrade, steel shares added another 2.5 percent. Credit Suisse analysts see U.S. Steel as the leader in steel manufacturing due to their reduced raw material costs.

U.S Steel is trading at $38.75 up 2.5 percent

On the other hand, Credit Suisse analysts downgraded shares of Steel Dynamics (NASDAQ: STLD) from Outperform to Neutral Monday. Analysts cite the current rise in stock price as a deterrent. Credit Suisse suggests waiting for a lower entrance price.

Steel Dynamics is trading at $23.16 down 0.5 percent

Other Steel Securities:
  • Market Vectors Steel ETF (NYSE: SLX) is trading at $49.44 up 0.2 percent
  • AK Steel Holdings (NYSE: AKS) is trading at $10.89 up two percent
  • Reliance Steel & Aluminum (NYSE: RS) is trading at $69.62 up 0.5 percent
  • Schnitzer Steel Industries Inc. (NASDAQ: SCHN) is trading at $27.65 down 0.3 percent

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