U.S. STEEL (X $25.64, rating cut to Underweight from Neutral) LONG-TERM OUTLOOK HAS MANY SETBACKS; ESTIMATE $5 BIL. DROP IN BENEFIT PLAN ASSETS DRIVES NEG. TANGIBLE NET WORTH; KEY IS TO AVOID “GIVING IT BACK” IN THE DOWNTURN 12/2/2008
U.S. STEEL (X $25.64, rating cut to Underweight from Neutral) LONG-TERM OUTLOOK HAS MANY SETBACKS; ESTIMATE $5 BIL. DROP IN BENEFIT PLAN ASSETS DRIVES NEG. TANGIBLE NET WORTH; KEY IS TO AVOID “GIVING IT BACK” IN THE DOWNTURN 12/2/2008