ArcelorMittal will struggle to expand margins after 2017 amid lower steel and iron ore prices.
Although ArcelorMittal reported materially higher operating income year on year across all five reporting segments, the company's first-quarter results still came in below our expectations. Accordingly, we've modestly reduced our 2017 sales and profit forecasts. Our long-term outlook is unchanged, however, along with our no-moat rating. We've slightly lowered our fair value estimates to $3.80 per share and EUR 3.50 per share.In the first quarter, ArcelorMittal reported EBITDA of $2.2 billion on...
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