ArcelorMittal Issues Impressive Steelmaking and Mining Results in 1Q; Raising FVEs to $18 and EUR 15
The first quarter brought ArcelorMittal's eighth consecutive quarter of double-digit adjusted EBITDA margins, as the company remains on track to deliver strong 2018 profits. With global steel prices tracking above our prior estimates, we've increased our near-term pricing and profit outlook for the company, which raises our fair value estimates to $18 and EUR 15 per share. Our no-moat rating is unchanged, although we forecast that the company will again generate returns on invested capital above...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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