The Globe and Mail reports in its Wednesday edition that National Bank analyst Maxim Sytchev says: "Historically, when you look at recessionary periods, steel gets completely annihilated. I fail to see how now is any different." The Globe's special columnist Brenda Bouw writes that Algoma Steel Group is scheduled to report its latest earnings on Wednesday. S&P Global Market Intelligence director John Anton notes demand for steel is softening, production is falling and prices are sliding. Mr. Anton says the steel industry is normally the hardest hit in a recession, based on historical data. However, he says there are a couple of "wildcards" in the current environment, including low inventory on the auto-dealer lots and a housing shortage, which could help prop up demand for steel, even in a recession. Cormark Securities analyst David Ocampo rates Algoma "buy." He targets the shares at $18.25. Stifel GMP analyst Ian Gillies recently initiated coverage of Algoma with a "hold" recommendation and $16 share target. Among the five analysts that cover Algoma, four have a "buy" recommendation and one a "hold," and the average share target is $18.10. Mr. Gillies says Algoma is "well positioned for economic turbulence."