X - U.S. Steel Cleveland-Cliffs upped at Credit Suisse amid steel 'super cycle'

U.S. Steel ([[X]] +3.9%) and Cleveland-Cliffs ([[CLF]] +7.8%) are up sharply after Credit Suisse double-upgrades shares to Outperform from Underperform, saying the current cycle in the steel sector (SLX) is "clearly super [and] has room to run.""The traditional relief valve of excess China steel production has been turned off owing to ex-China tariffs and more recently China efforts to limit excess production both domestically and in the seaborne market," analyst Curt Woodworth writes.American steel producers are best positioned globally and set to achieve highest global margins as "U.S. prices are the highest and raw material costs are the lowest," Woodworth says, assigning a Street-high $35 stock price target to U.S. Steel and $24 to Cleveland-Cliffs while cutting Commercial Metals ([[CMC]] +1.5%) to Neutral from Outperform with a $33 PT.U.S. Steel last week reported mixed Q1 results and announced plans to cancel a planned $1.5B upgrade to its Mon Valley Works

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U.S. Steel, Cleveland-Cliffs upped at Credit Suisse amid steel 'super cycle'