ArcelorMittal : Resilience of the fundamentals. Imminent resolution of the situation at Ilva. Firm commitment to reducing net debt. Buy vs Neutral
>Resilience of prices to COVID-19 bears out the solidity of the fundamentals - The impact of COVID-19 on steel demand (+1% to +2% estimated in 2020 vs +1.1% in 2019) is difficult to quantify at this stage. Nevertheless, this crisis has a come at a time when the supply fundamentals are healthy (limited steel production, intensive destocking process in 2019 now over, imports soon under control) and real demand is showing clear signs of stabilisation in the US and Europe...ArcelorMittal is a steel company, based in Luxembourg, with operations in more than 60 countries. Co. is active in all major global steel markets, including automotive, construction, household appliances and packaging, as well as activities in Research & Development and technology, with captive supplies of raw materials and its own distribution network. Co. has an industrial presence in over 20 countries spanning four continents, covering key steel markets, from emerging to mature. Co. offers a complete spectrum of steel products from commodity steel to value-added products, from long products to flat, from standard to specialty products, from carbon steel to stainless steel and alloys.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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