UBS has raised the price target for ArcelorMittal from 25.00 to 30.00 euro, while maintaining the buying advice, based on record steel prices. This was revealed on Monday by a report from the Swiss bank.

Steel prices have increased substantially since February this year, thanks to strong recovery demand after the coronavirus crisis, low stocks and high iron ore costs.

After a cyclical low in 2020, steel prices have risen again to record levels, leading to higher margins.

UBS now expects an EBITDA result of $ 12.8 billion for 2021, about three times the $ 4.3 billion in 2020. That $ 12.8 billion is 46 percent more than the bank was counting on before. By 2022, estimates are going up by 18%.

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