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UBS Downgrades AK Steel, US Steel To Sell

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Shares of both AK Steel Holding Corporation AKS and United States Steel Corporation X have almost doubled year-to-date. UBS’ Matt Murphy downgraded the ratings for both the companies from Neutral to Sell.

AK Steel

The price target has been raised from $2.00 to $2.50. Although the company has some liquidity, it needs to manage its high cost base and track record of “sustained ongoing cash burn,” resulting in concerns over balance sheet deterioration over time, analyst Matt Murphy wrote.

“While we think there is a decent likelihood that AKS could roll its 2018 secured notes (given the $1.6B in...


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