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.
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.
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We are downgrading Vivendi to Neutral vs Buy (target price unchanged at € 26.2) and we recommend taking positions on Bolloré (Buy, target price of € 5 vs € 4.8). Vivendi’s share price implicitly values UMG at more than € 23bn, offering limited potential for a pleasant surprise at the time of the sale of part of the subsidiary’s capital. In contrast, Bolloré seems to offer greater upside: 1/ the outlook for Bolloré Transport & Logistics looks particularly bright out to 2021, buoyed by ...
>Considerable potential at ArcelorMittal Italia (ex Ilva) - ArcelorMittal organised a dinner with CEO & CFO Aditya Mittal and the head of ArcelorMittal Europe (37% of 2018 EBITDA) followed by a visit to the Tarante site (Italy), which has recently been integrated as part of the acquisition of Ilva. This visit demonstrated the potential harboured by ArcelorMittal Italia (AMI) but also the challenges faced by management. The configuration of the factory is excellent (an...
General: Supervisory Board member Prof. Dr. Theo Siegert is a member of the Adivsory Committee of DSW, the local partner of ECGS. This report has been prepared using standard ECGS guidelines. Item 1: Unlike at German stock corporations, shareholders of a KGaA are legally required to vote on the annual accounts. Item 5: In financial year 2018, the Supervisory Board of Henkel Management AG, in line with recommendations of the Shareholders' Committee's Human Resources Subcommittee, decided to adopt various changes to the Management Board members' remuneration system, applicable as of financial ...
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