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STOCKS NEWS EUROPE-ArcelorMittal falls after Nomura downgrade

Reuters - UK Focus

Shares of ArcelorMittal (Other OTC: AMSYF - news) the world's largest steel maker fall as much as 3.6 percent, as traders cite Nomura downgrading the stock to "reduce" from "buy".

The downgrade is based on Nomura's belief that the company will lose its competitive edge once iron ore prices fall, after it profited from producing much of its own raw materials during a time of higher prices.

"Although we expect ArcelorMittal's steel earnings to experience a cyclical rebound as volumes improve, a falling iron ore price will represent a sizeable drag on iron ore earnings," Nomura writes in a note to clients.

At 0855 GMT, ArcelorMittal's shares trade 2.8 lower at 11.715 euros, making them the worst performer on the STOXX 600 European Basic Resources Index Reuters messaging rm://robertjan.bartunek.thomsonreuters.com@reuters.net