ArcelorMittal is trading 4.5% higher at $65.79 today following a confluence of bullish analyst actions and a structural shift in the European steel market. - JPMorgan upgraded ArcelorMittal to Neutral from Underweight and raised its price target, citing a return of pricing power for European steel companies. - This comes after BNP Paribas also named ArcelorMittal its new top steel pick earlier this week and raised its price target, highlighting an expected recovery in steel prices and the impact of tighter import quotas. - The positive sentiment is amplified by the EU's new import safeguard regime, effective July 1, 2026, which is expected to curb cheap foreign supply and enable price recovery.