11:35 AM EDT, 07/02/2024 (MT Newswires) -- RBC Capital Markets on Tuesday lowered its price targets for Russel Metals ( RUSMF ) and Stelco Holdings ( STZHF ) following estimate updates in the second quarter to reflect an updated steel price forecast and other factors.

Russel and Stelco's ( STZHF ) price targets were both trimmed to $43.00 from $47.00 while the sector-perform ratings for the two companies were kept in place.

RBC said its EPS estimate for Russel in the second quarter remained at $0.78, below the consensus forecast of $0.87, reflecting a recent decline in prices. The 2024 EPS estimate also fell to $3.17 from $3.39, below the consensus projection of $3.57 amid the lower price environment.

Meanwhile, RBC's EBITDA estimate for Stelco ( STZHF ) in the second quarter dropped to $108 million from $126 million, below the consensus estimate of $122 million, due to lower realized selling prices. The 2024 EBITDA estimate was also down to $431 million from $540 million, below the consensus forecast of $495 million.