J.P. Morgan cut valuations of U.S. steelmakers due to weak Q4 expectations. Cuts include Steel Dynamics $STLD (from $134 to $132), Nucor $NUE (from $168 to $152), and U.S. Steel $X (from $44 to $40). Seasonal weakness, elevated inventories, and doubts about trade policy under the Trump administration affect the sector. In 2024, $NUE fell 32.9%, $STLD 3.4% and $X 30.1%. 📉🔧 #Steel.