Goldman Sachs cuts steel sector to neutral rating
On Tuesday, June 07, 2005, Goldman Sachs downgraded its view of the steel sector from attractive to neutral. The move comes on the heels of expectations that the US dollars strength will continue to hamper a recovery in steel prices until at least the fourth quarter 2005. Hot rolled steel prices, widely considered a benchmark in the sector, are predicted to remain under $500 a ton, at least throughout the rest of the summer. Industry analysts noted that share prices for steel companies remain inexpensive implying little downside risk.Goldman Sachs cuts steel sector to neutral rating
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