FRANKFURT (dpa-AFX) - Steel stocks were in demand across Europe on Monday. With a gain of at times more than seven percent, the shares of Salzgitter stood out particularly after an industry study by JPMorgan. In it, analyst Moses Ola abandoned his negative "Underweight" assessment and now votes "Neutral". Most recently, the share was at the top of the SDax with a plus of almost five percent. The shares of Swedish SSAB also rose sharply following an "overweight" rating.

The analyst positively highlighted the relatively strong dependence of both companies on current market prices for steel. They were able to invoice more than two-thirds of their deliveries on the basis of short-term contracts of six months or less. In an upswing this drives profits particularly dynamically, the expert said.

Looking at thyssenkrupp, he became slightly more optimistic. He raised his earnings forecast for the current fiscal year and raised his price target. Thyssenkrupp shares, listed on the MDax, rose by just under two percent in the late morning, making them among the strongest shares on the small cap index.

Meanwhile, Aperam and Voestalpine lagged somewhat behind. Here, Ola warned of cash flow and debt risks in view of the upcoming quarterly reports and therefore gave the shares "Negative Catalyst Watch" status. The shares of Acerinox, unchanged favorite in the stainless steel sector, did not benefit from the "Positive Catalyst Watch" stamp.

The analyst was also cautious on ArcelorMittal, Europe's largest steel producer. Here he lowered the price target from 23.50 euros to 20.00 euros and left the rating at "Neutral". The ArcelorMittal share recently rose by just under one percent./ag/zb/stw