Steel stocks (X -3.2%) stumbled today after AK Steel (AKS -2.8%) issued downward guidance and...

|By:, SA News Editor

Steel stocks (X -3.2%) stumbled today after AK Steel (AKS -2.8%) issued downward guidance and Jefferies lowered steel price/demand forecasts, earnings estimates and target prices. Though steel share valuations have already suffered, the firm expects trends to remain weak and prefers more defensive stocks within the group: WOR, RS, NUE, MUSA.