Bloomberg reported that ArcelorMittal was raised to 'hold' from 'sell' and Salzgitter AG upgraded to 'buy' from 'hold' at Citigroup Inc, after the brokerage increased its forecast for 2010 steel prices.

Citibank said that "We raise our earnings estimates following revisions to our steel price forecasts. Salzgitter's acquisitive growth was very successful in generating value over the cycle.

It added that Salzgitter is the only European steel producer without a high debt burden going into the downturn.

(Sourced from www.bloomberg.net)