ArcelorMittal's margins will contract in 2018 and beyond amid lower steel and iron ore prices.
ArcelorMittal continued its impressive 2017 performance with solid third-quarter results. EBITDA of $1.9 billion was essentially flat versus the same period last year, as a 21.5% revenue increase offset lower EBITDA margins. Higher steel prices and higher shipment volumes, which grew 6.8% to 21.7 million metric tons, drove revenue growth. Having updated our valuation model, we maintain our fair value estimates of $11.50 per share and EUR 10 per share. Our no-moat rating is unchanged.ArcelorMitt...
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