Top Stories for Feb. 15, 2024:
1. Morgan Stanley analyst Carlos De Alba downgraded United States Steel Corporation (NYSE: X) from Overweight to Equal-Weight and raised his price target from $40 to $51.
Analyst Carlos De Alba also downgraded Cleveland-Cliffs (NYSE: CLF) from Overweight to Equal-Weight and lowered his price target from $21.50 to $20.
2. Cleveland-Cliffs announced that it will idle its tinplate production plant in Weirton, West Virginia, in April 2024 indefinitely.
The decision is a direct result of the International Trade Commission (ITC) rejecting the addition of special tariffs and subsidies on tin mill products that were proposed by the Department of Commerce.
Roughly 900 Cleveland-Cliffs employees impacted by the change will be allowed to relocate to other Cliffs facilities or offered severance packages.
Cleveland-Cliffs' Chairman, President and Chief Executive Officer Lourenco Goncalves said, "In what was our final effort to maintain tinplate production here in America, we proved that we are forced to operate on an uneven playing field, and that the deck was stacked in favor of the importers. Despite the Department of Commerce finding evidence of dumping and subsidization from respondent countries, the ITC shockingly ruled against imposition of ...Full story available on Benzinga.com
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