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Axiom's Gordon Johnson Says US Steel Corp Will Not Reduce Costs Enough To Buffer Downward Cyclical Forces; China Devaluation Is Nail in the Coffin For Steel Demand

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Johnson initiates US Steel at Sell with a PT of $11.00. He notes US Steel Tubular shipments carry an 89% R-squared with US Oil Rigs from Q1 2002 to Q2 2015. This drives forecasts for EBIT lower under the headwinds of ever declines oil prices.

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