We initiate coverage on SSAB with a Buy rating and a SEK 110 target price. Despite the share's strong performance, SSAB is to us still an underestimated industrial play. Both SSAB's key markets, the EU and the US, are showing significantly improving supply/demand metrics and arguably the world's best steel division, Special Steels, is entering a favourable environment with customers' increased focus on energy saving steel solutions along with record demand from the defence sector. Our earnings e ....
