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STOCKS NEWS EUROPE-China pollution measures to help steel margins - HSBC

Reuters - UK Focus

HSBC expects tighter air pollution controls in China to prompt consolidation in the steel sector and measures by the Asian country's government to counter overcapacity, leading to improved global steel margins.

"We raise our long-term normalised margin assumption by $25/t (ton) to $125/t," HSBC analysts say in a note.

They raise their recommendation on ArcelorMittal (Other OTC: ARCXF - news) to "overweight" from "neutral", saying the world's biggest steelmaker should be the prime beneficiary of a more disciplined steel industry in China.

They also cut ThyssenKrupp (Xetra: TKA.DE - news) to "underweight" from "neutral", saying the German firm's share price performance has gotten ahead of operating improvements, and keep Salzgitter (Other OTC: SZGPY - news) and Voestalpine (Xetra: 897200 - news) at "underweight".

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ThyssenKrupp falls 1.7 percent to the bottom of Germany's blue-chip DAX index in early trade, and Salzgitter is down 1 percent. ArcelorMittal (Other OTC: AMSYF - news) and Voestalpine are meanwhile up 1.5 percent and 1.4 percent, respectively, to be the two biggest risers on the STOXX Europe 600 Basic Materials index.

Reuters messaging rm://maria.sheahan.thomsonreuters.com@reuters.net