AK Steel (NYSE:AKS) Faces Weak Electrical Steel Market

AK Steel (NYSE:AKS) was downgraded by Goldman Sachs (NYSE:GS) Friday, citing the ongoing weakness in the highly profitable electrical steel market.

Goldman said, "AK Steel is the least vertically integrated mill in our coverage, with virtually no participation in iron ore or coking coal assets. It is thus highly vulnerable to cost pressure."

Goldman sees a 28 percent downside as a result.

They downgraded AK Steel from "Neutral" to "Sell." AK Steel was trading at $15.41, down $1.18, or 7.11 percent, as of 1:53 PM EST. Goldman has a price target of $12 on them.