The sares of ArcelorMittal (MT), the world’s biggest steelmaker, are set to rebound as European manufacturing exits an almost two-year downtrend.

A recovery in the Eurozone Manufacturing PMI Markit Survey Ticker pushed the gap between the index and ArcelorMitta’s hare price to the most since Laksmi Mittal eclipsed Arcelor SA in 2006. With the ending of a recession in September car sales rallied the most in more than two years.

ArcelorMittal decreased its 2013 earnings forecast last August due to lower-than-expected demand in the U.S. and Europe. In 2013, the shares of the European steel industry have declined 4.3 percent.

The European PMU survey, however, surpassed the level of 50 in July for the first time in two years, signifying an increase in manufacturing in comparison with the previous moth.