ArcelorMittal : We are rebasing our Q3 2021 EBITDA estimates. Outperform rating reiterated
>Downward readjustment of our Q3 2021 estimate - The increase in the steel spot margin is not fully reflected in record Q2 2021 earnings (EBITDA of $ 5.1bn i.e. $ 314/t). In Q3 2021, ArcelorMittal’s deliveries could reflect the slowdown of the automotive segment in Europe and in North America. Prices are expected to rise in both regions due to the lag in the impact of spot price increases on contracts. The cost of the commodity basket remains high as the impact of low...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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