J.P. Morgan downgrades (I, II, III, IV) AK Steel (AKS -5.8%), U.S. Steel (X -4.4%), Reliance Steel (RS -3.4%) and Metals USA (MUSA -5%), saying it doesn’t think steel fundamentals will support a continued move higher beyond recent short covering after China’s infrastructure spending news and the latest QE round in the U.S., and that it expects steel prices to decline soon. Also cut: CLF -4.8%.
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