Cowen analyst Novid Rassouli noted the Steel Survival conference had an optimistic outlook driven by the government's Section 232 investigation into whether China's import of steel threatened U.S. security. The government is expected to rule this week followed by a decision as to whether to slap a tariff on china steel imports. The analyst said he sees significant upside rice risk for Hot-Rolled Coil, or HRC, steel. Near term, he said he sees an opportunity to play the long side on both AK Steel (AKS) and U.S. Steel (X). Rassouli has a Market Perform rating on both AK Steel and U.S. Steel shares.

Says will continue to buy back stock "hand over fist." Says Cleveland-Cliffs (CLF) "the only U.S. solution" for U.S. Steel (X). Says will have to "re-assess value" of U.S. Steel. Says targeting net debt to EBITDA of 2.5x. Says balance sheet in "great shape, near record liquidity." Sees CapEx ~$1B/year from 2025-2028. Comments taken from Q1 earnings conference call.