As previously reported, Credit Suisse analyst Curt Woodworth downgraded U.S. Steel to Underperform from Neutral and lowered his price target on the shares to $13 from $21. After performing deep dive analysis on U.S. Steel Flat Rolled segment, the analyst concludes the step-function rise in unit costs the past several years coupled with loss of automotive share suggests the company is in a weaker competitive position versus peers entering the "Sheet Tsunami" period in the U.S. from 2021-2022. Woodworth sees the market awarding a lower multiple on medium term earnings given this dynamic.