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STOCKS NEWS EUROPE-SSAB up over 6 pct on broker upgrade

Reuters - UK Focus

Shares of high-strength steel maker SSAB (Other OTC: SSAAF - news) rise as much as 6.8 percent on Thursday after analysts at Goldman Sachs (NYSE: GS-PB - news) upgrade the stock to "buy", adding it to its conviction list.

Goldman says that the upgrade is based on synergy assumptions after the merger with Rautaruukki (Frankfurt: RKKK.F - news) .

In the same note sent to clients, Goldman downgrades ArcelorMittal (Other OTC: ARCXF - news) , the world's largest producer of steel to "sell" from "neutral".

Goldman says the downgrade is based on its believe that the group's operations in Africa and the countries of the former Soviet Union (ACIS) will recover slower than expected and iron ore earnings will be weak.

Arcelor's shares drop a modest 0.53 percent but still underperform the STOXX 600 European Basic Resources Index which trades as much as 1.3 percent higher. Reuters messaging rm://robertjan.bartunek.thomsonreuters.com@reuters.net