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Fly News Breaks for February 1, 2016
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Feb 1, 2016 | 07:07 EDT
Macquarie downgraded U.S. Steel to Neutral and cut its price target to $9 from $18 on shares. Analyst Aldo Mazzaferro sees lower volumes and higher costs in Q4 and said U.S. Steel is vulnerable given its high labor costs and relatively high iron ore costs. Even if cost and volume trends improve in 2016, the analyst still sees extended loss-making into 2018 and some balance sheet concern if the $500M working capital reduction is not met.
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