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Fly News Breaks for September 22, 2017
MT
Sep 22, 2017 | 06:18 EDT
Cowen analyst Novid Rassouli downgraded ArcelorMittal to Market Perform and cut its price target to $27 from $32 based on expectations iron ore and global steel prices are heading lower. The analyst said ArcelorMittal was helped by steel-side reform in China, which pushed Chinese steel prices to multi-year highs. Rassouli has a bearish near-term view on iron ore prices and is concerned with the company's heavy exposure to iron ore and international steel markets.
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