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Goldman Upgrades Reliance Steel, Downgrades AK Steel

By Market News Video Staff, Tuesday, November 9, 1:52 PM ET

Goldman Sachs (NYSE:GS) downgraded AK Steel (NYSE:AKS) today from buy to neutral, on higher costs, and upgraded Reliance Steel (NYSE:RS) from neutral to buy, citing growth prospects in the industries it serves.

Both stocks are in the Steel ETF (AMEX:SLX), trading down 1% today, and make up a total of 5.93% of the fund.

Top stocks in the Steel ETF include Rio Tinto (NYSE:RIO), at 12.97% of the portfolio, followed by Vale (NYSE:VALE), at 12.08%. Arcelormittal (NYSE:MT), Posco (NYSE:PKX) and Allegheny Technologies (NYSE:ATI) are also in the top five.

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This Article's Word Cloud:   AMEX   Allegheny   Arcelormittal   Both   Goldman   NYSE   Posco   Reliance   Sachs   Steel   Technologies   Tinto   VALE   Vale   also   citing   costs   down   downgraded   five   followed   from   fund   growth   higher   include   industries   make   neutral   portfolio   prospects   serves   stocks   today   total   trading   upgraded
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