Despite reporting a steep y-o-y fall in revenues and profitability for 3Q 09, conditions have improved significantly for Arcelor Mittal sequentially as steel demand shows signs of recovery after experiencing a steep dip in 1H 09. Considering improving dynamics for steel demand we maintain our positive outlook towards the ADR at current price levels. Therefore we reiterate the stock a BUY. We will reassess our ADR (1 ADR = 1 European share) rating in our next update report. Although we continue to anticipate a significant negative currency impact on the European stock over the coming 6-12 months, considering our positive fundamental outlook we upgrade the stock from a HOLD to a BUY. We will reassess our European stock rating in our next update report.

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