Exane BNP Paribas analyst Tristan Gresser upgraded Steel Dynamics (STLD) to Outperform from Neutral. Steelmakers are entering 2025 “still reeling from a 30% price crash over the past year,” the analyst tells investors in a research note. The firm sees 20% downside risk going into Q4 and Q1 with distributors in “wait-and-see mode.” The fall in European demand is proving “more structural than cyclical,” the analyst tells investors in a research note.
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