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Why Even a UBS Upgrade Can’t Prevent the Slide in U.S. Steel

Mark O'Hara
Updated
Why Even a UBS Upgrade Can’t Prevent the Slide in U.S. Steel

Today, UBS analyst Andreas Bokkenheuser upgraded U.S. Steel Corporation (X) from “sell” to “neutral” while lowering the target price from $28 to $22. However, despite the upgrade, U.S. Steel is trading sharply lower. AK Steel (AKS), ArcelorMittal (MT), and Cleveland-Cliffs (CLF) are also trading down. Among the leading steel and iron ore stocks (XME), only Cleveland-Cliffs is in the green this year while the rest are trading with year-to-date losses despite the Section 232 tariffs.

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