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Trump Comments On Trade Caused This Analyst To Downgrade AK Steel, US Steel

United States Steel Corporation (NYSE: X) shares jumped 7.2 percent on Wednesday after the company’s second-quarter earnings topped Wall Street’s expectations. However, comments from President Donald Trump about his ongoing investigation into U.S. steel imports this week may have taken the wind out of U.S. Steel’s sails, according to Longbow Research analyst Chris Olin.

On Thursday, Olin downgraded U.S. Steel and rival AK Steel Holding Corporation (NYSE: AKS) from Buy to Neutral after Trump said potential restrictions on U.S. steel imports under his Section 232 authority would be put on the...