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SCHMOLZ + BICKENBACH AG -- Moody's: Current M&A wave in Europe's steel sector will increase consolidation, reduce costs but fail to address overcapacity

Europe's steel sector is experiencing a surge of M&A on the back of the recent market recovery that will consolidate the sector, lower costs through synergies, but fail to reduce overcapacity issues as a result of takeover terms, says Moody's Investors Service in a report published today. Moody's report, "Steel -- Europe: M&A will consolidate the sector further, reduce costs but not address overcapacity" is available on www.moodys.com. The rating agency's report is an update to the markets and does not constitute a rating action.