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Fly News Breaks for November 5, 2019
MT
Nov 5, 2019 | 06:49 EDT
Societe Generale analyst Christian Georges double downgraded ArcelorMittal to Sell from Buy with a 13.40 euros price target ahead of the company's Q3 results on Wednesday. The analyst expects the quarter to disappoint as steel prices remain under pressure from weak demand, excess supply and declining raw material costs. He sees "no sign of reversal" and limited share price appreciation potential for ArcelorMittal unless a "comprehensive" trade deal is reached between the U.S. and China or China stimulates its economy.
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