Deutsche Bank's American Metals Summary

Deutsche Bank has issued a report on Metals in the Americas as part of its "weekly wrap on rocks". In the report, Deutsche Bank writes "With the coal/steel sectors having outperformed the market in recent months and near-term indicators having turned mixed, we trim estimates (from slightly to significantly), some of our PTs and ratings. Our coal positive l-t outlook remains intact and is supported by regional production constraints/restraints, low global coal intensity, EM import trends via growing steel & coal-fired output, etc. The steel outlook is more cloudy after prices rallied in the summer only to decline in Sept as weak export & domestic demand have failed to support prior price gains." Companies related to this report include: Cliffs

,USD69.18 Buy ArcelorMittal

,USD34.83 Hold US Steel

,USD45.92 Buy Newmont Mining

,USD62.89 Buy Alpha Natural Resources

,USD45.05 Buy Southern Copper

,USD38.75 Buy Arch Coal

,USD26.59 Buy