$20.61 down $1.20 (5.50%)
From The Street:
KeyBanc downgraded a number of steel producers, including U.S. Steel (X), given expectations for lower demand and higher supply risks.
Shares of U.S. Steel (X) were falling in early-morning trading on Friday after KeyBanc downgraded the stock to "underweight" from "sector weight."
The firm has an $18 price target on shares of the Pittsburgh-based steel producer.
KeyBanc has become "incrementally more cautious" on U.S. carbon sheet market prospects amid slowing demand and fourth-quarter supply risks such as stronger imports and another potential hot rolled coil (HRC) steel producer.
"A weakened prospective supply-demand balance should place further pressure on already sliding U.S. carbon sheet prices and supports our view of a more competitive backdrop in '17 (with added risks)," the firm wrote in a note....MORE