Smorgon Steel
There are three big steel companies listed on the Australian Stock Exchange: Bluescope Steel (BSL), Smorgon Steel (SSX) and OneSteel (OST). Recent global steel production data shows continued strength in the steel market place, with prices also remaining strong.
SB Citigroup has upgraded their recommendation for the Smorgon Steel (SSX) stock to Buy from Hold, High Risk with a share price target of $1.70, increasing by 20 cents. The broker notes that increased scrap prices will boost the company with upside from the fledgling LSB product which is hanging on success in Japan and the US.
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