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|  | NOVEMBER 2, 2004
 WORD ON THE STREET Goldman Upgrades U.S. Steel and Nucor Analyst Aldo Mazzaferro says the steel-products makers had better-than-expected third quarters Goldman Sachs upgraded steel-products makers U.S. Steel (X ) and Nucor (NUE ) to outperform from in-line. Analyst Aldo Mazzaferro says U.S. Steel and Nucor now rank #1, #2, respectively, with an upside of 55% and 49%, relative to his estimated fair values . He raised U.S. Steel's and Nucor's fair values to $58 and $64, respectively, from $49 and $62, after raising normalized, 2005 earnings-per-share estimates for U.S. Steel and raising normalized, 2004 earnings-per-share estimates for Nucor. Both companies had much better than expected third-quarter earnings per share. Mazzaferro says both companies should generate significant free cash flow in 2005.  All of the views expressed in this research report accurately reflect the research analyst's personal views regarding any and all of the subject securities or issuers. No part of analyst compensation was, is or will be, directly or indirectly related to the specific recommendations or views expressed in this research report. Standard & Poor's Regulatory Disclosure Any advice, analysis, or recommendations contained in articles labeled "Insight from Standard & Poor's" reflect the views of Standard & Poor's, which operates separately from and independently of BusinessWeek Online. It is possible that BWOL may from time to time publish information that is not consistent with advice, analysis, or recommendations that are published by Standard & Poor's. Standard & Poor's and BusinessWeek Online are each units of The McGraw-Hill Companies, Inc.
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