The Globe and Mail reports in its Friday, May 19, edition that Stifel analyst Ian Gillies lowered his share targets for Russel Metals to $42 from $42.50 and Stelco Holdings to $46 from $47. The Globe's David Leeder writes in the Eye On Equities column that analysts on average target Russel Metals and Stelco shares at $40.30 and $51.82. Mr. Gillies continues to rate Russel Metals "buy." He continues to rate Stelco "hold." Mr. Gillies says in a note: "The North American steel market has been unusually uneventful in the past month on all fronts: pricing, demand and notable news. Market participants are trying to find a new price equilibrium in an attempt to reach a more balanced supply/demand dynamic. Moreover, recession concerns are looming in the industry, adding onto buyers' hesitations while sellers cautiously navigate their operations. In our view, it is difficult to handicap the impact on steel prices and demand in a recession, but we believe there are two key factors that make 'this time different': significant infrastructure spending supporting steel demand; and balance sheets for steel producers/distributors in our coverage universe are in impeccable shape."