ArcelorMittal's 2Q Results Slightly Exceeded Our Expectations but We See Trouble Ahead
ArcelorMittal's profits held up fairly well in the second quarter even though operating margins contracted sequentially across all five reporting segments. Regardless, we had forecast even lower profits on a companywide basis and, accordingly, we've slightly raised our 2017 EBITDA forecast. We now expect the company to deliver $7.7 billion of adjusted EBITDA on sales of $62.3 billion this year, a 12.3% margin. With our long-term outlook effectively unchanged, we reiterate our $11.50 per share an...
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