JP Morgan lowers their 2009 EPS ests for 7 carbon steel producers

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This morning JP Morgan lowered their 2009 EPS forecasts for the seven carbon steel producers in their coverage universe, AKS, CMC, GNA, MT, NUE, STLD, and X, as a restocking rebound in demand is likely going to be pushed out into 2H09.

The firm says this morning they have created a "stress test" scenario for their carbon steel earnings models in 2009 and identified who could potentially be at risk of violating their debt covenants, namely AKS, MT, STLD, and X.

The firm says minimills likely to fair much better. The firm says under the stress test scenario, minimills NUE, GNA, and CMC hold up well in relation to their debt covenants.

StockMarketFunding.com Notes The steel sector is seeing weakness this morning after STLD lowered guidance last night, this note does not mention the guidance announcement)

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Posted: 3/12/2009 2:49:11 PM by StockMarketFunding | with 0 comments

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JP Morgan lowers their 2009 EPS ests for 7 carbon steel producers

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