European Steelmakers Surge on German Spending, China Output Cuts
European steelmakers extended a steep bull run after Germany pledged to loosen its purse strings and boost spending on infrastructure and defense, while China pledged to cut its steel output.
Salzgitter AG and Thyssenkrupp AG surged as much as 16% Wednesday, while ArcelorMittal SA gained roughly 10%, during a broad-based rally in European industrial and defense stocks. The move came after Germany's chancellor-in-waiting Friedrich Merz moved to unlock hundreds of billions of euros for defense and infrastructure investments, jolting financial markets.
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