The day has been fateful for the companies most linked to raw materials. But the punishment even exceeds 10% in European steel companies. The downgrades issued by JPMorgan have added to the downward pressures on the sector.
On few occasions an entire sector is listed on the stock market with drops close to double digits. European steel companies, excluding those specializing in stainless steel such as Acerinox, have suffered this bearish gale today.