Jefferies cuts ArcelorMittal following shares rally, cites tariffs uncertainties

ReutersMar 26, 2025 6:29 AM

Jefferies downgrades ArcelorMittal MT.AS to "hold" from "buy" as it expects a near-term share price consolidation, after its rally

The world's second-largest steelmaker has rallied 32% YTD, outperforming U.S. steel peers, Jefferies says

The rally has been driven by inflection in +13% EU and +25% U.S. steel prices YTD and recovery in margins from cyclical lows, it adds

The brokerage also flags uncertainties over Mexico and Canada due to tariffs

And while EU mid-term steel outlook is better, Jefferies says it needs visible pricing and demand moving up to drive upgrades

Jefferies keeps the PT at 33 euros

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