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AK Steel (AKS) -3.6% premarket after Goldman Sachs downgrades shares to Sell from Neutral with a...

AK Steel (AKS) -3.6% premarket after Goldman Sachs downgrades shares to Sell from Neutral with a $3 price target, down from $3.50. The firm believes the recent rise in the stock price is unwarranted given its view of continuing weak flat steel prices, a highly leveraged balance sheet, high pension funding requirements, high capex to fund its raw material strategy, and no sign of turnaround in its electrical steel business.
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