ArcelorMittal : Pending market recovery, share buybacks and valuation to support the share price
>After a resilient Q2, Q3 forecasts only edged down - We talked to the company following its earnings release last week. Q2 was resilient with EBITDA of $ 1.86bn, 5% above consensus and just 5% down on Q1 despite the global decline in steel and iron ore prices and a number of incidents in Mexico (major strike), Canada (wildfire) and South Africa (outages). Following this release, we have lowered our estimate for Q3 EBITDA by just 1% to $ 1.53bn although the adjustment...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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