ArcelorMittal Delivered Strong 2018 Results but Guidance Is in Line With Our Outlook for Weak Demand
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 belo...
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