Credit Suisse downgrades U.S. steel sector citing oversupply 9:38am EDT [Reuters]
Nucor Corporation (NUE)
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Source: Reuters
Credit Suisse downgrades U.S. steel sector citing oversupply | Reuters 2 Min Read (Reuters) - Credit Suisse on Monday downgraded the U.S. steel sector as it expects prices to fall due to oversupply, stemming from the Trump administration’s move to slap tariffs on Chinese imports. U.S. steel prices and production have hit multi-year highs due to the tariffs as well as strong demand from an expanding economy. The brokerage cut its rating on the sector to “market weight” from “overweight”, saying capital spending by firms has “disappointed” investors. Credit Suisse also downgraded Nucor Corp, Steel Dynamics and Cleveland Cliffs to “neutral”. The Trump administration’s ongoing talks with Canada on tariffs related to steel and aluminum could also add to the oversupply of the commodity, the brokerage said. A near-term deal with Canada remains unlikely, but odds are in favor of a deal being sorted out by early 2019, Credit Suisse said. “We believe it’s likely that Canada and the U.S. will co
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- 3/25/24 - Form 4
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