Voestalpine AG

UBS upgraded European steelmakers Salzgitter, ArcelorMittal and voestalpine to buy from neutral on Friday and kept its buy rating on SSAB, saying new EU import quotas that remove about 9 million tonnes of annual imports will tighten supply after a recent pullback in the shares. The broker set price targets of 71 euros for ArcelorMittal, 71 euros for Salzgitter, 64 euros for voestalpine and 120 Swedish crowns for SSAB, implying upside of 31%, 61%, 51% and 21% respectively, and named Salzgitter its top pick because its earnings are about 2.5 to 3.5 times more sensitive to higher EU steel prices than the other three. EU safeguard measures that took effect July 1 cap duty-free steel imports at 18.3 million tonnes a year, with a 50% tariff on anything above the quotas, while blast furnace restarts mainly by ArcelorMittal bring back about 7.6 million tonnes of announced capacity, partly offset by cuts at Taranto and at HKM, which Salzgitter owns. UBS raised its EU hot-rolled coil price forecasts by 2%, 11% and 10% for 2026, 2027 and 2028, now expecting about 820 euros a tonne in 2027 and 805 euros in 2028 against a spot of about 745 euros, and said import parity is above 900 euros a tonne, about 20% above spot, with 1,000 euros not ruled out if demand improves. The broker warned third-quarter results will not show the upturn, forecasting earnings below consensus for ArcelorMittal, voestalpine and SSAB on weak summer demand, the delayed effect of lower prices in May and June and higher energy costs, with Salzgitter the exception at 9% above consensus on higher steel shipments.

The global silver-based brazing alloys market is projected to grow from $2.98 billion in 2026 to $3.8 billion by 2030, at a compound annual growth rate of 6.3%, according to a new report from ResearchAndMarkets.com. The market had already risen from $2.8 billion in 2025 to $2.98 billion in 2026, a 6.6% increase, driven by demand from the automotive sector, electrical equipment, aerospace, household appliances, and infrastructure. Escalating vehicle production, including the shift to electric vehicles, and expansion of automotive maintenance and repair services are key growth factors. North America led the market in 2025, but Asia-Pacific is expected to see the fastest growth. Major players include Compagnie de Saint-Gobain, Linde, Sumitomo Electric Industries, Umicore, and voestalpine.

Three of Europe's leading steelmakers are jointly calling for urgent, pragmatic reform of the EU Emissions Trading System, warning that without adjustments the current trajectory risks destroying Europe's industrial base. ArcelorMittal Europe, thyssenkrupp Steel, and voestalpine, which together represent around 60% of Europe's integrated steel production, published their shared position in the Financial Times. They estimate that without reforms, the EU could face a 30–40% decline in steel-intensive manufacturing activity, putting up to 5 million jobs at risk across the value chain. The companies are calling for a temporary pause in ETS cost escalation until key enablers such as competitive electricity prices, affordable green hydrogen, and carbon capture and storage are in place, and for ETS revenues to be directed toward industrial decarbonisation.