Analysts bullish on US steel industry
Aug 26, 2014 | 04:05 PM
| Nat Rudarakanchana
NEW YORK Wall Street analysts have turned upbeat on prospects for the U.S. steel sector, highlighting U.S. Steel Corp. and ArcelorMittal SA as promising picks due partly to better pricing trends.
Pittsburgh-based U.S. Steel could become one of the most profitable North American steelmakers vs. one of the least profitable currently if it expands into direct-reduced iron and more electric-arc furnace business, analysts at Zurich-based Credit Suisse Group AG said in a note.
U.S. Steels price target has been doubled to $50 per share and its rating adjusted to "outperfom" from "underperform," Credit Suisse said. "Implementation is complicated, but success could mean a multibillion-dollar earnings opportunity. ... We are backing (chief executive officer) Mario Longhi on execution."....
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