Gerdau Ameristeel Corp (GNA.TO) Buy, Sell or…

Gerdau Ameristeel Corp (GNA.TO)

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BUY

Likes the steel sector and owns Ipsco and Dofasco, but not this one. It's on their radar screen. Likes their US acquisition.

WEAK BUY

A fundamentalist would have bought the stocks 1 1/2 years ago. In a lot of these stocks, we're in the top of the 8th inning. The only appreciation you're going to get in these stocks is as the earnings come on the balance sheet. The best one in the steels is Dofasco, but it doesn't have any of the appreciation of the last few years.

DON'T BUY

The group's been a leader for 1 1/2 years, both technically and fundamentally. Near the end of its run.

STRONG BUY

Have done an unbelievable job of cost cutting. Made some fantastic acquisitions. Just announced a dividend. Going forward, this company has got what it takes to be a fantastic company. Conservative management. Tied to non-residential steel, so if a highway gets built, this stock benefits.

STRONG BUY

Has formed a W base which is the strongest base and also has broke above the neckline.

DON'T BUY

Well run company. Steel cycle continues to look attractive. In some areas that are going to come under some near term pricing pressure, specifically rebars. Has had a good run, but needs to come back to the $5/6 range before they buy.

BUY ON WEAKNESS

Moved up quite nicely lately, and would use closer to $6 as an entry point. Would prefer Algoma which has the most leverage and generates the most cash.

DON'T BUY

Steel cycle has seen a fairly good run. This stock trades on the expectation of steel prices. If you own, take some money off the table.

BUY

Trading in a new high. Doing very well.

BUY

This company is in the great space right now. Earnings coming out our moving ahead at a dramatic rate. Steel is in high demand. Order book is filling up in the first few days of every month.

PAST TOP PICK

(A Top Pick Jan 5/04. Down 5%.) Still likes. Brilliant management.

DON'T BUY

Was a nice turnaround story with debt being paid off and steel prices rising. However, scrap steel is getting expensive. Fully valued now.

BUY

Have seen a fairly big move in steel stocks in the last year as they had been a lagging group. Has very good leverage to the economy. Has some potential for growth.

DON'T BUY

If steel continues to be strong, the stock should do OK, but prefers larger companies.

TOP PICK

Hasn't run too much, so it's an opportunity.

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Gerdau Ameristeel Corp (GNA.TO)