December 2, 2009
Ahead Of The Bell: Steel Sector Boosted At Goldman

HARTFORD, Conn. – The steel industry is poised to exit the recession as markets improve, prices rise and other factors benefit steel manufacturers, an analyst said as he upgraded the sector Monday.

Goldman Sachs analyst Sal Tharani upgraded the sector to "Attractive" from "Neutral."

In a client note, he said steel manufacturers' shares have underperformed those of other companies, steel and scrap prices in the U.S. have hit bottom, prices in China are rising and industrial and auto demand should improve next year.

Tharani said positive signs for the sector include rising iron ore and coking coal prices, which are used in steel production, and a weak dollar, which will deter imports and boost exports. Also, he expects steel makers to be cautious as they increase supply, and he said that demand from emerging markets, is improving.

He recommended that investors buy shares of United States Steel, Steel Dynamics inc., AK Steel Holding corp. and Nucor Corp.

Source: Associated Press, November 30, 2009

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Brought to you by the Steel Framing Alliance (SFA) on the first Wednesday of each month except January, Framework Online arms you with the latest news and commentary on the steel framing and construction industries. In addition to industry headlines, trends and project profiles, Framework Online provides information and ideas that will better enable members to increase their participation in the residential and commercial construction markets.