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Stock may languish. (Europe).

Date: Thursday, November 1 2001

Commerzbank have stated that they continue to believe steel stocks have merit as contrarian plays given that they are at an eight-year low and that steel prices internationally appear close to bottoming.

The outlook, however, for industrial activity in Europe and North America looks

particularly challenging in the months ahead, which may keep steel stocks languishing for some time. Commerzbank's main concern is the prospect of a sharp cut in the fourth quarter vehicle build rate in Europe.

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