SSAB AB initiated with a Sell at Pareto

Pareto initiated coverage of SSAB AB with a Sell rating and SEK 56 price target. The European steel industry is under pressure, and indicators point to continued weakness going into Q4, the analyst tells investors in a research note. The firm prefers Alleima’s mix with regards to customer segments in this stage of the business cycle. It says the company’s relative earnings risk point to a “motivated valuation premium” compared to SSAB.