ArcelorMittal Seems to Be Past the Worst -- Market Talk

Dow Jones08-19

1426 GMT - ArcelorMittal could be seeing light at the end of the tunnel, with signs that demand is bottoming out and import pressure set to ease in the second half of the year, Barclays analysts say in a research note. The European steel maker's recent share performance suggests the market is pricing in a further deterioration in profitability, but the company seems to be past the worst, Barclays says. "After a tough few years, we think risk/reward in European steels looks more attractive with the bulk of real demand weakness now behind us and clear levers to ease import pressure," Barclays says. Barclays raises its recommendation on ArcelorMittal to overweight from equal weight with an unchanged target price of 25 euros. Shares rise 2.6% to 20.74 euros. (adria.calatayud@wsj.com)

(END) Dow Jones Newswires

August 19, 2024 10:27 ET (14:27 GMT)

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The European steel maker's recent share performance suggests the market is pricing in a further deterioration in profitability, but the company seems to be past the worst, Barclays says. \"After a tough few years, we think risk/reward in European steels looks more attractive with the bulk of real demand weakness now behind us and clear levers to ease import pressure,\" Barclays says. Barclays raises its recommendation on ArcelorMittal to overweight from equal weight with an unchanged target price of 25 euros. Shares rise 2.6% to 20.74 euros. 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The European steel maker's recent share performance suggests the market is pricing in a further deterioration in profitability, but the company seems to be past the worst, Barclays says. \"After a tough few years, we think risk/reward in European steels looks more attractive with the bulk of real demand weakness now behind us and clear levers to ease import pressure,\" Barclays says. Barclays raises its recommendation on ArcelorMittal to overweight from equal weight with an unchanged target price of 25 euros. Shares rise 2.6% to 20.74 euros. 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