European Steel Weekly dashboard: turn constructive as safeguards take effect; OW Voestalpine, Salzgitter, Neutral ArcelorMittal & SSAB

Research evidence excerpt

European Steel Weekly dashboard: turn constructive as safeguards take effect; OW Voestalpine, Salzgitter, Neutral ArcelorMittal & SSAB

J P M O R G A N Europe Equity Research

15 July 2026

European Steel

Weekly dashboard: turn constructive as safeguards

take effect; OW Voestalpine, Salzgitter, Neutral

ArcelorMittal & SSAB

Our latest valuation and commodity price scenario analysis across our EMEA European Metals, Mining & Steel

ACMining & Steel coverage (link). Dominic O'Kane

(44-20) 7742-6729

EU Steel Sector share price is now +5% since the start of the Middle East conflict. dominic.j.okane@jpmorgan.com

EU Steel producers and end-markets proved resilient with cost impacts partially J.P. Morgan Securities plc

mitigated by existing energy hedges and gas storage. Protectionist policies Patrick Jones

announced by the European Commission and activation of CBAM on 1 Jan'26 also (44-20) 7742-5964

patrick.jones@jpmorgan.com

provided structural support. Last week, we published our Q2'26 preview for J.P. Morgan Securities plc

European Steel as we turn more constructive on the sector (link). We expect

Varun Bhattad

Q2 reporting will refocus attention on the transformative impact of ~40% cuts to (91-22) 6157-5027

EU steel imports and 50% import tariffs effective from 1 July (“TRQ”), which has varun.bhattad@jpmchase.com

potential to transfer >10Mt of demand to EU Steel producers. In the past week, J.P. Morgan India Private Limited

European Steel share prices moved up by 7%, outperforming the broader MSCI Rosie Jia

Europe Index. (44-20) 3493-7448

rosie.jia@jpmorgan.com

J.P. Morgan Securities plc

Following TRQ activation, European Steel HRC prices have rebounded to ~€700/

t, from ~€675/t in June (Argus), while plate prices at €790/t are flat MoM. Argus