Each of ArcelorMittal's Steelmaking Segments Suffered Material Margin Compression YoY in 1Q
ArcelorMittal is off to a slow start in 2019, as first-quarter EBITDA fell 34% to $1.65 billion from the prior-year period. Although we anticipated that profits would fall off this year from cyclical peak market conditions in 2018, the magnitude of the decline in the first quarter took us by surprise. Steel-only EBITDA per ton declined to $56 from $101 year on year. Having updated our valuation model to reflect lower near-term profits, our fair value estimates fall to $17 and EUR 15 per share fr...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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