Morgan Stanley says that while the proposed acquisition of U.S. Steel (X) by Cleveland Cliffs (CLF) may face regulatory challenges, it could pave the way for better supply discipline, leading to structurally higher profits for ArcelorMittal’s NAFTA business. The company ships 10 million tons to North American customers or 17% of its total, the analyst tells investors in a research note. Among the European carbon steel producers, the firm sees ArcelorMittal as the greatest beneficiary from the potential merger.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on MT:
- U.S. Steel (NYSE:X) Rejects $7.3B Bid by Cleveland-Cliffs; Evaluating Other Offers
- ArcelorMittal price target lowered to EUR 35 from EUR 35.50 at Morgan Stanley
- ArcelorMittal price target lowered to EUR 29 from EUR 30 at Barclays
- ArcelorMittal price target raised to EUR 23.50 from EUR 23 at JPMorgan
- ArcelorMittal S.A.: ArcelorMittal announces publication of its 2023 half-year report