Shares of AK Steel Holding were dropping by more than 8% during the trading session Friday after its stock rating was downgraded at KeyBanc Capital Markets. Analysts with KeyBanc cut its rating to Underweight from Sector Weight. The firm also downgraded other steelmakers, including U.S. Steel. The analysts said in a research note today that they are cautious on U.S. carbon sheet market prospects given further slowing in demand momentum and added fourth quarter supply risks, including stronger imports and a second new potential U.S. hot rolled coil steel producer. KeyBanc has a $4 price target on the AK Steel stock.
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