Arcelor Mittal

ArcelorMittal is a steel company, based in Luxembourg, with operations in more than 60 countries. Co. is active in all major global steel markets, including automotive, construction, household appliances and packaging, as well as activities in Research & Development and technology, with captive supplies of raw materials and its own distribution network. Co. has an industrial presence in over 20 countries spanning four continents, covering key steel markets, from emerging to mature. Co. offers a complete spectrum of steel products from commodity steel to value-added products, from long products to flat, from standard to specialty products, from carbon steel to stainless steel and alloys.
  • TickerMT
  • ISINLU1598757687
  • ExchangeEuronext Amsterdam
  • SectorIndustrial Metals & Mining
  • CountryLuxembourg

Analysts

Alain William

ArcelorMittal : Price hikes in Europe difficult to introduce (as rapidly as expected)

>Strong resistance to price hikes in Europe - Since the beginning of February 2019, ArcelorMittal Europe (37% of 2018e EBITDA) has announced two price increases, each of € 30/t ($ 34/t), for its coil products in Europe (i.e. € 60/t or +14% vs the spot price (4 February) of € 445/t for hot-rolled coil products in Italy. These announcements have only just enabled the spot price to increase to € 475/t in southern Europe. Conversely, the price in the north of Europe has r...

Alain William

ArcelorMittal : Les hausses de prix en Europe ne passent pas (aussi vite que prévu)

>Une forte résistance aux hausses de prix en Europe - Depuis début février 2019, ArcelorMittal (AM) Europe (37% de l’EBITDA 2018) aurait annoncé deux augmentations de prix de 30 €/t (34 $/t) chacune pour les produits en bobines en Europe (i.e. 60 €/t ou +14% vs le prix spot (4 février dernier) de 445 €/t de la bobine laminée à chaud HRC en Italie). Ces annonces ont tout juste permis une remontée du prix spot à 475 €/t en Europe du Sud. En revanche, le prix dans le Nor...

Alain William ...
  • Emmanuel Matot
  • François Maury
  • Georges Dieng
  • Louis Boujard
  • Philippe Ourpatian

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/13/2019

Offshore and FPSO-type floating production systems will remain key for the future balance of the oil market. Between now and 2035, new offshore projects producing an additional 20 mb/d will have to be launched! We expect an acceleration in momentum in this segment after several years of underinvestment. SBM Offshore, on which we adopt a Buy recommendation (vs Neutral) with a target price of € 22, is the key player in this segment in our view. We remain more cautious on players with a ...

Alain William ...
  • Emmanuel Matot
  • François Maury
  • Georges Dieng
  • Louis Boujard
  • Philippe Ourpatian

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 13/03/2019

...

Alain William

ArcelorMittal : Price hikes in Europe difficult to introduce (as rapidly as expected)

>Strong resistance to price hikes in Europe - Since the beginning of February 2019, ArcelorMittal Europe (37% of 2018e EBITDA) has announced two price increases, each of € 30/t ($ 34/t), for its coil products in Europe (i.e. € 60/t or +14% vs the spot price (4 February) of € 445/t for hot-rolled coil products in Italy. These announcements have only just enabled the spot price to increase to € 475/t in southern Europe. Conversely, the price in the north of Europe has r...

Alain William

ArcelorMittal : Les hausses de prix en Europe ne passent pas (aussi vite que prévu)

>Une forte résistance aux hausses de prix en Europe - Depuis début février 2019, ArcelorMittal (AM) Europe (37% de l’EBITDA 2018) aurait annoncé deux augmentations de prix de 30 €/t (34 $/t) chacune pour les produits en bobines en Europe (i.e. 60 €/t ou +14% vs le prix spot (4 février dernier) de 445 €/t de la bobine laminée à chaud HRC en Italie). Ces annonces ont tout juste permis une remontée du prix spot à 475 €/t en Europe du Sud. En revanche, le prix dans le Nor...

Andrew Lane

Morningstar | MT Updated Forecasts and Estimates from 26 Feb 2019

ArcelorMittal reported impressive results in 2018, highlighted by significant profit growth. However, the company issued soft guidance for global steel demand in 2019 at only 0.5%-1.0%. Most noteworthy, this includes a 0.5%-1.5% decrease in Chinese steel consumption. Additionally, management expects a $1.4 billion increase in cash needs for the upcoming year due primarily to higher capital expenditures and increased cash taxes. Additionally, with global steel prices now declining toward our below-consensus estimates, we forecast margin contraction ahead. Accordingly, we've reduced our fair val...

Alain William

ODDO : Upward revision to our forecasts for iron ore

The tragedy which struck the Brumadinho complex (state of Minas Gerais in Brazil) belonging to mining giant Vale has radically changed the fundamentals underpinning supply and demand in the iron ore market. Accordingly we are revising up our price scenario for 2019-2021 by 15% on average and are adopting a Neutral recommendation on Rio Tinto (vs Reduce) which has the greatest exposure. We are sticking with our Buy recommendation on ArcelorMittal. - >The Brumadinho tragedy ...

Alain William

ODDO : Révision à la hausse de nos attentes sur le minerai de fer

La tragédie du complexe minier de Brumadinho (Etat du Minas Gerais au Brésil) appartenant au géant minier Vale change radicalement les fondamentaux offre/demande du marché du minerai de fer. Aussi, nous relevons en moyenne de 15% notre scénario de prix pour 2019/2021e et adoptons une opinion Neutre sur Rio Tinto (vs Alléger) qui y est le plus exposé. Nous maintenons notre Achat sur ArcelorMittal. - >La tragédie de Brumadinho change la donne - La rupture d’un barrage s...

Alain William ...
  • Emmanuel Matot
  • François Maury
  • Georges Dieng
  • Louis Boujard
  • Philippe Ourpatian

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/13/2019

Offshore and FPSO-type floating production systems will remain key for the future balance of the oil market. Between now and 2035, new offshore projects producing an additional 20 mb/d will have to be launched! We expect an acceleration in momentum in this segment after several years of underinvestment. SBM Offshore, on which we adopt a Buy recommendation (vs Neutral) with a target price of € 22, is the key player in this segment in our view. We remain more cautious on players with a ...

Alain William ...
  • Emmanuel Matot
  • François Maury
  • Georges Dieng
  • Louis Boujard
  • Philippe Ourpatian

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 13/03/2019

...

Ahmed Ben Salem ...
  • Alain William
  • Benoit Valleaux
  • Charles Lepetitpas
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • François Maury
  • Geoffroy Michalet
  • Georges Dieng
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Olivier Lebrun
  • Pierre Tegner
  • Pierre Corby
  • Roland Pfaender
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/08/2019

In the face of macroeconomic turbulence, office and retail real estate investment companies are “safe haven” stocks due to the durability of their dividends and their capacity to create value via their project pipelines. We particularly appreciate stocks which have adapted/clarified their strategies to fit new trends in the market. As such, we confirm our Buy recommendations on Gecina, Klépierre and Carmila and have upgraded Icade and Unibail-Rodamco-Westfield to Buy. Cf. report publi...

Ahmed Ben Salem ...
  • Alain William
  • Benoit Valleaux
  • Charles Lepetitpas
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • François Maury
  • Geoffroy Michalet
  • Georges Dieng
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Olivier Lebrun
  • Pierre Tegner
  • Pierre Corby
  • Roland Pfaender
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 08/02/2019

Face à quelques turbulences macroéconomiques, les foncières de bureaux et de commerce constituent des valeurs de refuge par la pérennité de leurs dividendes et leur capacité à créer de la valeur à travers leur pipeline. Nous privilégions plus particulièrement les valeurs qui ont anticipé / clarifié leur stratégie face aux nouvelles tendances de marché. Ainsi, nous confirmons notre opinion Achat sur Gecina, Klépierre et Carmila et passons à l’Achat sur Icade et Unibail-Rodamco-Westfiel...

Ahmed Ben Salem ...
  • Alain William
  • Alfred Glaser
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Louis Boujard
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Corby
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon
  • Virginie Rousseau
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/07/2019

The stabilisation of eurozone PMI indices in January contributes, albeit still modestly, to the abating of the excessive risk aversion end-2018. This is in addition to the welcome change in the Fed’s tone with the announced pause in monetary normalisation, pushing back the spectre of recession. Against this backdrop, the decent nature of results publications is contributing to the improvement in sentiment. However, questions about growth, or rather its rate of deceleration, persist. I...

An unfavourable environment weighs on ARCELORMITTAL, which sees a downgrade to Negative

The independent financial analyst theScreener just requalified the general evaluation of ARCELORMITTAL (NL), active in the Steel industry. As regards its fundamental valuation, the title still shows 1 out of 4 stars and its market behaviour is seen as risky. theScreener believes that the unfavourable environment weighs on the sector and penalises the company, which sees a downgrade to its general evaluation to Negative. As of the analysis date March 1, 2019, the closing price was EUR 20.32 and its target price was estimated at EUR 16.91.

An unfavourable environment weighs on ARCELORMITTAL, which sees a downgrade to Negative

The independent financial analyst theScreener just requalified the general evaluation of ARCELORMITTAL (FR), active in the Steel industry. As regards its fundamental valuation, the title still shows 1 out of 4 stars and its market behaviour is seen as risky. theScreener believes that the unfavourable environment weighs on the sector and penalises the company, which sees a downgrade to its general evaluation to Negative. As of the analysis date March 1, 2019, the closing price was EUR 20.32 and its target price was estimated at EUR 16.91.

Nurhayati Wan

Arcelor Mittal

Nurhayati Wan

Arcelor Mittal

Nurhayati Wan

Arcelor Mittal

ArecelorMittal - Assemblée générale des actionnaires du 07 mai 2019

Proxinvest publiera une étude analysant les résolutions proposées lors de la tenue de l’assemblée générale des actionnaires. Vous pouvez l'acquérir dès à présent et elle vous sera adressée par ResearchPool une fois publiée.

ArcelorMittal – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Proxy Report - 16/05/2018

In order to simplify its reporting process, ArcelorMittal asks its shareholders to change the currency of the share capital of the Company from Euro into US Dollar. It is positive that the company, evolving in a complex global sector, chose to standardize its accounts. We therefore recommend that shareholders approve this resolution.

Proxy Report - 16/05/2018

ArcelorMittal propose à ses actionnaires de se positionner sur le changement de devise de son capital social et de modifier les status en conséquence.  La justification de la société est correcte, et cette mesure est cohérente avec la pratique de la société et le secteur dans lequel elle opére. Nous recommandons donc l'approbation.

Proxy Report - 09/05/2018

ITEM 3 Although ArcelorMittal swung back to profitability after an abysmal 2015 when it reported a hefty loss of USD 8 billion, a $0,10 dividend is proposed at this AGM, for the first time in three years. The Company declared its intent to use its cash surplus to retire debt and restore its investment grade rating before increasing the amount of the distribution. We therefore recommend that shareholders approve resolution 3. ITEM 4ECGS denounced for several years the excessive amount of director’s fees, exceeding € 100,000 per non-executive director. Furthermore, the attribution is not based ...

Jérôme VINERIER

Analyse court terme - ARCELOR MITTAL : Les prix baissent.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 20,949 €. La tendance de fond serait remise en cause en cas de franchissement de 25,300 €.

Jérôme VINERIER

Short term view - ARCELOR MITTAL : Falling prices.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €20.949. The background trend would be questioned should prices rise above €25.300.

Jérôme VINERIER

Short term view - ARCELOR MITTAL : The movement goes on.

The background trend is clearly bearish. The movement goes on. The next target is at €20.949, then €19.700. Passing €25.300 would question the continuation of the fall.

Jérôme VINERIER

Analyse court terme - ARCELOR MITTAL : Le mouvement se poursuit.

La tendance de fond est clairement orientée à la baisse. Le mouvement se poursuit. Le prochain objectif est à 20,949 €, puis 19,700 €. Le franchissement de 25,300 € remettrait en cause la suite de la baisse.

Jérôme VINERIER

Medium term view - ARCELOR MITTAL : Falling prices.

The trend is uncertain. Prices are falling and they may accelerate to the downside. A new bearish trend is attempting to emerge.

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