"Following recent equity weakness, we believe the carbon sheet equities appear more balanced from a risk-reward perspective," the firm wrote in an analyst note.
The upgrade is "a function of our belief that investors now appear to be more appreciative of risks," KeyBanc added.
The firm also upped its rating to "sector weight" from "underweight" on steel companies AK Steel (AKS) and Olympic Steel (ZEUS).
But KeyBanc added that its bias "still leans cautiously on the group."
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rated this stock as a "sell" with a ratings score of D.
The company's weaknesses can be seen in multiple areas, such as its generally high debt management risk, disappointing return on equity and poor profit margins.
You can view the full analysis from the report here: X