Les bénéfices du deal Calvert se retrouvent plus que compensés par l’impact massif des droits de douane engendrant un OC réduit à 28 € vs 29 €. Aussi la part de l’Amérique du Nord (près du tiers de l’EBITDA pro forma) va désormais baisser au profit de l’Europe et du Brésil, limitant les perspectives de rerating. Les multiples actuels, près des plus hauts sur 5 ans, risquent donc de rester durablement plus proches des acteurs européens à ~4x l’EBITDA que des ~7x des américains. Nous maintenons no...
The benefits of the Calvert deal are outweighed by the massive impact of fresh US tariffs, resulting in a target price reduced to € 28 from € 29. As such, the share of North America (close to one-third of pro forma EBITDA) will now drop over the forecast period in favour of Europe and Brazil, limiting rerating prospects. Current multiples, close to five-year highs, are therefore likely to remain durably closer to European players at ~4x EBITDA than to the ~7x of US players. We maintain our Neutr...
ArcelorMittal publishes its 2024 Payments to governments in respect of extractive activities report 30 June 2025, 16:00 CET ArcelorMittal (’the Company’) has today filed its 2024 Payments to governments in respect of extractive activities report, which provides a consolidated overview of payments made by the Company and its subsidiaries in 2024 to governments regarding its mining operations. The report, which complies with reporting requirements under Luxembourg law, is available for download from . ENDS About ArcelorMittal ArcelorMittal is one of the world’s leading integrated steel a...
ArcelorMittal announces sale of Bosnian operations 20 June 2025, 15:30 CET ArcelorMittal (“the company”) has today signed a sale and purchase agreement to sell its operations in Bosnia and Herzegovina. ArcelorMittal Zenica, an integrated steel plant, and ArcelorMittal Prijedor, an iron ore mining business which supplies the Zenica plant, will be sold to Pavgord Group. The company has made considerable investments and efforts to keep ArcelorMittal Zenica and ArcelorMittal Prijedor within the group. However, after a thorough strategic review, the company concluded that a sale is the best s...
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