Trends Driving Our $20 Price Estimate For U.S. Steel

The U.S. steel industry is facing challenging times. A rising tide of cheap steel imports into the U.S. is steadily eating away at the market shares of domestic steel producers as well as driving down average realized prices. In addition, steel demand growth in North America has faltered this year, after a robust increase in demand last year. These developments have prompted us to revise various forecasts in our U.S. Steel model, resulting in a downward revision in our price estimate. In this ar...