U.S. Steel -2% as Credit Suisse casts doubt on Section 232 consensus [Seeking Alpha]
AK STEEL HOLDINGS (AKS)
Last ak steel holdings earnings: 2/20 07:00 am
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Source: Seeking Alpha
U.S. Steel -2% as Credit Suisse casts doubt on Section 232 consensusU.S. Steel (NYSE:X)-2.2%, AK Steel (NYSE:AKS)-1.8% and Cleveland-Cliffs (NYSE:CLF)-1.9% premarket as Credit Suisse comes out withcautious comments about American steel companies (NYSEARCA:SLX).While the market consensus is that Section 232 will be a purely positive catalyst for domestic steel makers, Credit Suisse cautions that the situation likely will prove far more complex because other countries likely will retaliate and export markets could become logjammed with steel, thus the 232 outcomemay not be desirable in the medium term.The firm notes "the similar S201 action (30% tariffs) taken in March 2002 which had a positive market reaction in the very short term, but ultimately led to domestic U.S. pricingunderperforming global pricing and U.S. equities to in factunderperform in H2 2002."Credit Suisse recalls that American steel equities were cut nearly in half 12 months after S201 implementation.Click to subscribe
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