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Fly News Breaks for March 23, 2015
AKS
Mar 23, 2015 | 06:23 EDT
Macquarie downgraded AK Steel to Neutral and reduced its price target to $4 from $8. The firm was surprised by how low Q1 volume guidance was and the impact from fixed cost per ton accruals. Macquarie said without a restructuring, lower volumes will pressure margins on AK Steel's high value-added product mix as it carries high fixed costs.
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