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Fly News Breaks for December 20, 2019
Dec 20, 2019 | 14:43 EDT
GLJ Research analyst Gordon Johnson U.S. Steel is targeting cost savings of $100M in 2020 from its announced actions last night, but he sees the associated expenses more than offsetting these cuts, leading him to conclude that the "viability as a going concern is a real threat" through 2020. Making the moves the company announced leads him to believe "things appear to be much worse than even the staunchest bear assumed," added Johnson, who keeps a Sell rating on U.S. Steel shares with a $4 price target.
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