- KeyBanc's Philip Gibbs says he's incrementally cautious on the U.S. carbon steel market outlook due to slowing demand and Q4 supply risks. He downgrades AK Steel (AKS -5.7%) to Underweight from Sector Weight.
- The $4 price target compares to the current level of $4.87.
- See also: Steel names struggle as KeyBanc turns bearish (Aug. 19)