** Citigroup cuts price target of Steel Dynamics STLD.O to $145 from $160, Nucor NUE.N to $160 from $240 and Cleveland-Cliffs CLF.N to $11 from $12.5

** Citi says "2025 demand outlook is cloudy" and highlights whether U.S. steel demand will recover following three straight years of decline

** "Overall construction activity has improved, but steel demand appears to be more stable suggesting a less steel intensive mix," says Citi

** As of last close, the S&P 500 Steel Sub-Industry Index .SPLRCSTEEL had fallen 23.1% YTD

** Up to last close, CLF down 53%, NUE down 33%, while STLD slips 1.1% YTD

(Reporting by Rupali Chaudhary in Bengaluru)

((Rupali.Chaudhary@thomsonreuters.com))