J.P. Morgan turns 'constructive' on European steel sector

Aperam SA

10/07/2026 07:25

** J.P. Morgan turns European Steel sector "constructive as safeguards take effect"
** The broker expects Q2 reporting to refocus attention on the transformative impact of around 40% cuts to EU steel imports and 50% import tariffs effective July 1
** "EU Steel mills have attempted to raise prices and we expect an EU re-stocking cycle will start by end of Q3," said the broker 
** J.P. Morgan ups ArcelorMittal  MT.LU to "neutral" from "underweight", seeing positive midterm earnings trajectory 
** The broker double upgrades Voestalpine VOES.VI  and Salzgitter SZGG.DE  to "overweight" from "underweight", seeing "greater price target upside"
** Shares in Salzgitter are seen up 6% in early Frankfurt trade
     
COMPANY
RATING
OLD RATING
PT
OLD PT
Acerinox ACX.MC  
Underweight 
Underweight 
€14.40
€11.40
Aperam APAM.AS  
Neutral
Neutral
€46.10
€42.70
ArcelorMittal 
Neutral
Underweight
€57.00
€45.00
Salzgitter
Overweight
Underweight 
€65.00
€31.40
Outokumpu OUT1V.HE 
Neutral
Neutral
€5.10
€5.90
Voestalpine
Overweight
Underweight
€50.00
€40.00
ThyssenKrupp TKAG.DE 
Neutral
Neutral
€12.80
€11.80
SSAB-B SSABb.ST 
Neutral
Neutral
SEK 90.00
SEK 78.00
SSAB-A SSABa.ST 
Neutral
Neutral
SEK 94.00
SEK 81.00

 (Reporting by Margaux Perrin and Mathias de Rozario in Gdansk)
 ((Margaux.Perrin@thomsonreuters.com))