Goldman Sachs analyst Eugene King upgraded ArcelorMittal to Buy from Neutral with a price target of EUR 19.50. While the European steel market "remains tough," share prices have gone below intrinsic valuations given the market conditions, King tells investors in a research note. The analyst believes the combination of capacity cuts led by ArcelorMittal, a potential review of the European Commission's safeguarding measures by August, the lack of balance sheet "stress" and iron ore price moderation will drive improved outlook for European Steels in the second half of 2019.