New York, July 19, 2005

Deutsche Bank analyst David Martin initiates coverage on the metals & mining sector


Deutsche Bank Securities Inc. today announced that analyst David Martin has initiated coverage on seven stocks in the metals and mining
sector: Alcoa (NYSE: AA), Alcan (NYSE: AL), Phelps Dodge (NYSE: PD), Inco (NYSE: N), Nucor (NYSE: NUE), United States Steel (NYSE: X) and Allegheny Technologies (NYSE: ATI).

Martin sees resurgence in the industry, citing demand growth, a period of underinvestment, a weaker dollar and developing economies as contributors. "We expect economic growth and demographic changes in countries like China and India - both of which are important producers and consumers-to aid the long-term health of the industry," he said.

Deutsche Bank was recently ranked the top bulge-bracket firm for equities research by an Investars survey of asset managers, research directors, analysts, individual investors and financial institutions. The rankings measured one-year performance of Deutsche Bank's stock picks vs. the S&P 500.


For further information, please call:


Renee Calabro
212-250-5525
Media Relations


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