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X

U.S. Steel

$31.60

2.82 (9.80%)

14:13
11/22/16
11/22
14:13
11/22/16
14:13

DoJ: U.S. Steel agrees to resolve Clean Air Act litigation

The United States Department of Justice, together with the states of Indiana and Illinois and the Michigan Department of Environmental Quality, announced that U. S. Steel Corporation has agreed to resolve Clean Air Act litigation initiated by the United States and the three states in August 2012, by undertaking measures to reduce pollution at its three Midwest iron and steel manufacturing plants in Gary, Indiana; Ecorse, Michigan; and Granite City, Illinois. As part of the agreement, U. S. Steel will perform seven supplemental environmental projects totaling $1.9M, to protect human health and the environment in the communities affected by U. S. Steel's pollution, including a project to remove lighting fixtures containing toxic chemicals in public schools. In addition, U. S. Steel will expend $800,000 for an environmentally beneficial project to remove contaminated transformers at its Gary and Ecorse facilities and pay a $2.2M civil penalty. The agreement is memorialized in a consent decree lodged today in federal district court in the Northern District of Indiana. Under the consent decree, U. S. Steel will immediately repair, and later replace, a bell top on a blast furnace used for making molten iron at its Great Lakes Works facility in Ecorse. The bell top, through which raw materials are placed inside the furnace, has a worn seal that is causing increased emissions of hazardous pollutants and particulate matter. The new bell top is designed to eliminate those increased emissions. U. S. Steel will also implement improvements at its Great Lakes Works' steel-making shop to reduce emissions causing opacity. At its Gary Works facility, U. S. Steel will repair a large opening in a metal shell that surrounds a blast furnace. The repair will eliminate excess emissions from that furnace. Many children in the Southwest Detroit, Ecorse and Gary areas attend schools that are lit by fluorescent ballasts that may contain polychlorinated biphenyls. As part of the settlement, U. S. Steel will conduct a joint federal/state supplemental environmental project in which the company will remove and properly dispose of such PCB-contaminated ballasts and replace them with non-toxic, energy-efficient lighting. U. S. Steel will also conduct another SEP to install vegetative buffers composed of trees, bushes and shrubs on public lands near high-traffic roadways in Southwest Detroit. Such buffers are intended to reduce the transport of particulate matter emissions from heavily trafficked areas and thus improve downwind air quality. In addition, U. S. Steel will purchase a new street sweeper, equipped with enhanced collection capability, for use by the city of Granite City to reduce dust emissions. Other SEPs, state-only, that U. S. Steel has agreed to undertake include the removal and proper disposal of waste tires that have been dumped at locations in Gary, replacement of some exterior doors in Granite City public schools with energy-efficient doors and creation of a greenway and transit bike trail within Granite City.

X U.S. Steel
$31.60

2.82 (9.80%)

11/14/16
MSCO
11/14/16
UPGRADE
Target $46
MSCO
Overweight
U.S. Steel upgraded to Overweight on infrastructure spending at Morgan Stanley
Morgan Stanley analyst Evan Kurtz upgraded U.S. Steel to Overweight from Equal Weight and raised its price target to $46 from $19. The analyst believes the Trump victory has led to the first "credible long-term investment case" for steel equities for the first time in a decade and expects Trump's proposals for infrastructure spending and trade protection to add to demand and curb import supply. Kurtz expects U.S. Steel to benefit from increased flat-rolled steel demand, ongoing cost savings, and leverage to an infrastructure upcycle.
11/14/16
11/14/16
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Lockheed Martin (LMT) upgraded to Buy from Hold at Stifel with analyst Joseph DeNardi saying he is pleased with the company's comments regarding its 2018 free cash flow outlook, and he thinks that it could benefit from increased defense spending in the wake of the election results. 2. Philip Morris (PM) upgraded to Buy from Outperform at CLSA with analyst Michael Levy citing the recent pullback for his rating change and said he sees the company adding to its buyback. 3. Citi (C) upgraded to Overweight from Equal Weight at Morgan Stanley with analysts led by Betsy Graseck saying the Republican sweep is positive for all financial stocks due to increased growth, higher rates, lower taxes, and less regulation. 4. U.S. Steel (X) and AK Steel (AKS) upgraded to Overweight from Equal Weight at Morgan Stanley. 5. L Brands (LB), Kohl's (KSS), and Chico's(CHS) were upgraded to Buy from Neutral at Citi, while Chico's was also upgraded to Outperform from Peer Perform at Wolfe Research. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
11/21/16
RSBL
11/21/16
DOWNGRADE
RSBL
Neutral
U.S. Steel downgraded to Neutral from Buy at Rosenblatt
11/21/16
11/21/16
DOWNGRADE

Neutral
Follow-up: U.S. Steel downgraded on valuation, slowing auto growth at Rosenblatt
As previously reported, Rosenblatt downgraded U.S. Steel to Neutral from Buy. Analyst Chris Olin said shares appear fairly valued given recent share strength and reduced demand visibility and decelerating automotive growth.

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