The Globe and Mail reports in its Tuesday, Oct. 6, edition that Scotia Capital analyst Jonathan Goldman has reaffirmed his "sector outperform" ranking for Russel Metals. The Globe's David Leeder writes that Mr. Goldman's share target soared $24 to $113. Analysts on average target the shares at $82.43. Mr. Goldman says in a note: "Russel shares are up approximately 35 per cent since Q2. We estimate shares are pricing-in HRC [hot-rolled coil] of $1,085 (U.S.)/tonne, a 15-per-cent discount to spot of $1,300 (U.S.), assuming a midcycle valuation of 9.5 times EV/EBITDA, and no M&A optionality. That's bang-on our estimate derived by taking prior midcycle of $675/tonne adjusted for inflation with steelmaking costs up 60 per cent since 2019. What that overlooks is the strong demand environment and positive tariff impact. Channel inventory remains low and mill lead times are drawn out with some service centres even being put on allocation. Demand is broad-based on both sides of the border with Canada recently playing catchup (e.g., LNG2). While not the main driver of stronger prices, tariffs have also raised the floor price of NA steel. We note that original S232 tariffs implemented in 2018 never went away."