ArcelorMittal : Significant 2019 FCF despite contraction in EBITDA
>Tricky economic environment - As expected, management did not provide indications for Q2 2019 or FY2019. We note that the operating environment remains challenging with: 1/ a difficult economic context (expected contraction of 1% in demand in Europe); 2/ still-high penetration of imports in Europe (+37% since the start of the year compared with 2017) with safeguard measures not deemed to be (fully) efficient at this juncture; 3/ low prices (particularly in Europe); a...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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