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| TITLE |
Steel prices will go up |
| WRITER |
administrator |
DATE |
2010-03-10 19:34:24 |
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Steel prices will go up
10 Mar 2010
Rising steel prices, driven by climbing raw material costs, will benefit vertically integrated steel makers such as United States Steel Corp., said a Goldman Sachs analyst on Monday as he upgraded the company's stock.
Analyst Sal Tharani said the higher prices will be offset by higher costs for most mills, but United States Steel stands out as a key beneficiary. Higher costs will only partially offset the company's gains from higher steel prices, Tharani said.
Tharani raised his rating for United States Steel to "Buy" from "Neutral" and his share price target to $70 from $55.
The analyst expects steel prices to reach $620 per ton in 2010 and 2011. He previously expected steel to hit $578 per ton in 2010 and $575 per ton in 2011.
Meanwhile, Tharani downgraded AK Steel Holding Corp. to "Neutral" from "Buy" as the stock price has risen close to his price target of $26. The company's stock has climbed about 25 percent since early February.
"We believe that AK Steel will benefit in the near term from higher spot hot rolled coil prices but see some margin pressure in the second half from higher iron ore prices," wrote Tharani in a note to clients.
Resouced from Associated Press |
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