Morgan Stanley Upgrades Steel Stocks Steel stocks like U.S. Steel, AK Steel and Cliffs Natural Resources Inc. (NYSE: CLF ) were all upgraded on Monday by Morgan Stanley. These industries have been suffering as the nation's trading edges have been prospering - a reversal from the pattern of the 1970s, when Gerald Ford fought to "Whip Inflation Now" with a button. The Federal Reserve has been unable to reach its 2% inflation target for years, thanks to the deflationary impact of Moore's Law and the scaling of software.