ArcelorMittal Once Again Outpaces Our Expectations in 2Q as EBITDA Jumps 46% Year Over Year
ArcelorMittal issued strong second-quarter results as year-on-year profits increased significantly across each steelmaking segment. We now believe the company will exceed $11 billion of adjusted EBITDA in 2018. This represents an impressive accomplishment, as profits have more than doubled since 2015. Having raised our near-term profit outlook, our fair value estimates rise to $20 per share and EUR 17 per share. Our no-moat rating is unchanged, although we do expect ArcelorMittal to generate ret...
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