'Thesis has played out': Goldman Sachs downgrades ArcelorMittal to 'neutral'

ArcelorMittal SA

10/10/2025 09:42

** Goldman Sachs downgrades steelmaker ArcelorMittal MT.LU to "neutral" from "buy", saying the stock is fully valued in its view after a strong run

** "Our thesis has played out and the stock now screens fully valued on our forecasts," the broker says

** GS notes raw material deflation has supported margins, while the prospect of effective safeguards in key markets like India and the EU has underpinned positive sentiment

** Medium-term growth and EU recovery exposure are increasingly priced in, while near-term demand remains challenged in key markets like Brazil and Europe, it adds

** The ArcelorMittal shares are down 2.2% at 0829 GMT after falling as much as 5.2% earlier in the session

** They were up 53% YTD as of Thursday's close

** Of 18 analysts that cover ArcelorMittal, nine rate the stock "strong buy" or "buy" and ​nine "hold" - LSEG data

(Reporting by Dimitri Rhodes)

((Dimitri.rhodes@thomsonreuters.com))