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Outlook Neutral, Despite Pressures: The Rating Outlooks for the majority of ���������ֳ�’ North American steel coverage remain Stable despite strong metrics for the rating categories. The exception is Cleveland-Cliffs Inc. (BB–/Positive). ���������ֳ� believes the uncertain economic environment might delay positive rating actions. The North American steel sector outlook remains neutral amid softening construction activity and demand, rising macroeconomic issues, lower prices and growing concerns of a recession in 2023. ���������ֳ� believes urbanization, mobility and automobile electrification trends will support long-term domestic demand. Near-term initiatives to secure supply chains, and reshore manufacturing and investments to improve aging infrastructure will also support domestic demand. The pandemic and Russia/Ukraine war highlighted the importance of improving this aging infrastructure.