ArcelorMittal : Résilience des fondamentaux. Règlement imminent de la situation d’Ilva. Engagement ferme à réduire la dette nette. Achat vs Neutre
>La résilience des prix au COVID-19 valide la solidité des fondamentaux - L’impact du COVID-19 sur la demande d’acier (+1% à +2%e en 2020 vs + 1,1% en 2019) est difficile à chiffrer à ce stade. Néanmoins, cette crise intervient alors que les fondamentaux d’offre sont sains (production d’acier limitée, déstockage intense de 2019 terminé, importations bientôt sous contrôle) et la demande réelle montre des signes évidents de stabilisation aux Etats-Unis et en Europe (car...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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