U.S. Steel downgraded to Neutral from Overweight at JPMorgan

JPMorgan downgraded U.S. Steel (X) to Neutral from Overweight with a price target of $38, down from $43. While steel has been excluded from reciprocal tariffs, revamped Section 232 tariffs should lend to a higher pricing floor and improved utilization, at least over time, the analyst tells investors in a research note. The firm cut December 2025 price targets in the steel group to reflect multiple de-rating and conservative shipment growth amid trade uncertainty and evolving recession risk. It views U.S. Steel shares as relatively fairly valued, and says the stock is likely to see a “knee-jerk pullback” when and if and Nippon deal is blocked.