JPMorgan upgrades European steel stocks amid EU protection measures

JPMorgan raised its price target for ArcelorMittal to €57 and changed the rating from Underweight to Neutral, saying EU protection measures are taking effect and that European steel prices are expected to rise in the second half of the year, though no near‑term earnings surprise is anticipated.

UBS also lifted its target for ArcelorMittal from €45 to €59 while keeping a Neutral stance, pointing to higher steel prices in North America and Europe and modest cash‑flow yields.

JPMorgan upgraded German steelmaker Salzgitter and Austrian voestalpine to Overweight, more than doubling Salzgitter’s target to €65 and raising voestalpine’s target as well. Salzgitter shares jumped about 7 % and voestalpine about 5 % after the announcements. All moves reflect analysts’ optimism that EU anti‑dumping measures and import quotas are supporting the European steel market.