Credit Suisse expects more profits for Aperam and less for Acerinox.
Swiss bank Credit Suisse has reportedly lowered its expectations for the European stainless steel market. The Bank changed its preference for Aperam Çelik Company, which is also a subsidiary in Turkey, instead of Spanish manufacturer Acerinox Metal Sanayi.
Credit Suisse analysts believe the stainless steel market should continue to recover in 2021, particularly in China and Western Europe, but most of the growth and earnings improvements will be impacted by the discounts.
Analysts revised the earnings outlook higher for Aperam due to better-performing first-quarter earnings, higher shipping forecasts and a better pricing environment. On the other hand, they revised Acerinox's outlook downwards as earnings momentum could decline in 2022.
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