ArcelorMittal : The target of a concomitant reduction in shipments and costs is credible. Margins safeguarded in the crisis. Target price raised to € 15 vs € 11
>A reduction in costs at the same pace as that of shipments - Management has, as we see it, responded swiftly to the challenges posed by the COVID-19 pandemic. It has taken measures to scale back production. Shipments are expected to be between 13.5 Mt and 14.5 Mt in Q2 2020 (vs 19.5 Mt in Q1, i.e. -25% to -30%). Management expects fixed costs to be reduced to the same extent as shipments (-25 to -30% sequential terms) hence a relatively stable fixed cost per tonne co...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.
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