Deutsche Bank Sees U.S. Steel As Potential Winner (X)

Deutsche Bank has a research note on shares of United States Steel Corporation X. In a note to clients, Deutsche Bank writes, "Somewhat to our surprise (we heard rumblings on this move), AK announced that it would hike steel prices another $50/t to ~$900/st. If anyone needs this increase, it is AK given its 'naked' iron ore position and we therefore appreciate its leadership. However, some view this move as an attempt to 'shore up' market in face of slowing seasonal demand, and lastly, we continue to believe that proposed HRC price levels are not fully justified and stand by our view that US steel prices are near a peak; following a $350/st or 64% increase in HRC since October." Shares of X gained $1.09 on Friday to close at $58.92, a gain of 1.9%.