Beaten-down steel stocks including Nucor (NUE) posted solid gains on Tuesday following a positive research note from Bank of America Merrill Lynch (BAC).

The brokerage upgraded Steel Dynamics (STLD) and Reliance Steel & Aluminum (RS) to “buy” from “neutral,” but left its price targets at $19 and $77, respectively.

Still, the rally is lifting shares of AK Steel (AKS), Nucor, and Tenaris (TS).

On the downside, United Steel (X) is sliding on a downgrade from Citigroup (C) to “sell” from “neutral,” citing weakness in steel prices. Citi also cut United Steel’s price target to $23 from $28.  Some of these steel stocks have gotten hammered in 2014 on worries about slowing demand in emerging markets:

Ticker

Steel Stocks

Last

Change

% Chg

YTD

(STLD) Steel Dynamics, Inc.

16.79

0.48

2.94%

-14.07%

(RS) Reliance Steel & Aluminum Co.

71.04

1.90

2.74%

-6.34%

(NUE) Nucor Corporation

48.70

0.49

1.01%

-8.77%

(AKS) AK Steel Holding Corporation

6.34

0.05

0.79%

-22.68%

(TS) Tenaris S.A. Sponsored ADR

45.12

0.22

0.49%

3.27%

(X) United States Steel Corporation

25.49

-0.10

-0.39%

-13.59%