US Steel (NYSE:X) has been dropped from the Conviction Buy list of Goldman Sachs (NYSE:GS), as macro-economic conditions are expected to cut into revenues and profits.
The usual recent suspects were identified as the culprits in the case, including China's battle against inflation, European sovereign debt issues, and the oil spill in the Gulf.
Iron ore prices in China have also dropped as well as scrap prices in the United States, which are all pressuring U.S. Steel and its stock.
Goldman did maintain a "Buy" rating on the company and a price target of $73 a share over the next six months.
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