ArcelorMittal : Un FCF 2019 significatif en dépit de la baisse de l’EBITDA
>Un environnement économique délicat - Comme prévu, le management ne fournit d’indications ni pour le T2 2019 ni pour l’exercice 2019. Nous notons que l’environnement opérationnel reste difficile avec : 1 /un environnement économique difficile (baisse de 1% attendue de la demande en Europe) ; 2/ une pénétration des importations en Europe toujours élevée (+37% depuis le début de l’année par rapport à 2017) avec des mesures de sauvegarde jugées non (pleinement) efficace...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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