Cleveland-Cliffs a key beneficiary of corporate AMT repeal, says Morgan Stanley
Morgan Stanley analyst Piyush Sood noted that Steel Dynamics (STLD) and Nucor (NUE) have been the "preferred tax reform plays" in the steel sector, but he believes that Cleveland-Cliffs (CLF), as well as Warrior Met Coal (HCC) and Freeport McMoran (FCX), should benefit from the corporate alternative minimum tax repeal, as they all carry substantial AMT credits on their balance sheets. He keeps Equal Weight ratings on Cleveland, Warrior and Freeport.
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