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ArcelorMittal S.A., headquartered in Luxembourg City, is a Luxembourgian multinational steel manufacturing corporation established in 2006 through the merger of Arcelor and Indian-owned Mittal Steel. As one of the world's leading integrated steel and mining companies, ArcelorMittal operates across 60 countries with primary steelmaking facilities in 15 countries.
The company's operational segments include NAFTA, Brazil, Europe, ACIS (Africa, CIS, and other countries), and Mining. It derives the majority of its revenue from the Europe segment, which specializes in manufacturing and selling hot-rolled coil, cold-rolled coil, coated products, tinplate, plate, and slabs. The products cater to sectors such as automotive, general industry, and packaging. Additionally, the segment produces long products like sections, wire rods, rebar, billets, blooms, wire drawing, and tubular products. Geographically, the United States contributes significantly to its revenue.
ArcelorMittal has recently announced its fourth quarter and full year 2023 sell-side analysts' consensus figures, highlighting a calculated collective outlook based on analysts' estimates. The consensus, managed by Visible Alpha, includes the impact of the sale of the Company’s Kazakhstan operations to the Qazaqstan Investment Corporation, effective December 7, 2023. Additionally, due to revisions in the expected future cash flows of Acciaierie d'Italia (ADI), the company anticipates fully impairing its investment in ADI, reflecting in the fourth-quarter results.
Financially, ArcelorMittal reported an EBITDA of $7.6 billion for FY 2023 and a free cash flow of $2.9 billion. The net income for the same period stands at $0.9 billion, impacted by non-cash, non-recurring items like the $2.4 billion effect of the Kazakhstan operations' disposal and a $1.4 billion impairment on ADI. Despite these challenges, the company maintains a robust financial position with a net debt of $2.9 billion as of the end of 2023 and liquidity of $13.2 billion.
In terms of growth and sustainability, ArcelorMittal is advancing several strategic projects, including substantial investments in low carbon steel production and renewable energy infrastructure. The company is committed to reducing its carbon footprint through innovative processes that use less energy and emit significantly less carbon. Their XCarb® recycled and renewably produced steel is set to feature prominently in the Paris Olympics, marking a significant step in their decarbonization strategy.
ArcelorMittal's financial strength is reinforced by its share repurchase programs, which have reduced the fully diluted shares outstanding by 33% since September 2020. Furthermore, the company has a diverse investment portfolio, including significant strategic joint ventures like AMNS India and Calvert in North America.
Looking ahead, ArcelorMittal remains positive about medium to long-term steel demand, anticipating a growth in apparent steel consumption globally. The company continues to prioritize safety, having commissioned a comprehensive independent safety audit to enhance its operational protocols and culture.
ArcelorMittal is listed on stock exchanges in New York, Amsterdam, Paris, Luxembourg, and Madrid under the symbol MT.
ArcelorMittal Belgium has committed to reducing CO2 emissions by 3.9 million tonnes annually by 2030 through a €1.1 billion investment in a 2.5 million-tonne direct reduced iron (DRI) plant and two electric furnaces at its Gent site. The DRI plant will utilize natural gas and hydrogen, drastically cutting emissions compared to traditional methods. This initiative aligns with ArcelorMittal's goals of achieving carbon neutrality by 2050, contributing significantly to a 35% reduction in emissions intensity in Europe by 2030.
On September 22, 2021, ArcelorMittal announced the cancellation of 50 million treasury shares, following approval from its Extraordinary General Meeting on June 8, 2021. This action is aimed at maintaining appropriate levels of treasury shares and follows a previously announced US$2.2 billion share buyback initiated on July 29, 2021. Post-cancellation, the total number of shares in circulation will be 982,809,772, down from 1,032,809,772. Additional details about the share buyback can be found on ArcelorMittal's corporate website.
ArcelorMittal announces a share transaction involving a Designated Person, as per Market Abuse Regulations. This transaction relates to the company's share buyback program initiated on 29 July 2021. A Significant Shareholder has agreed to sell shares to maintain their voting rights in ArcelorMittal’s capital at 36.34%. More details can be found in the Luxembourg Stock Exchange database and on ArcelorMittal's corporate website under the Investors section.
ArcelorMittal has announced a commitment of $100 million over five years to Breakthrough Energy's Catalyst program, aimed at accelerating the transition to zero-carbon steelmaking. This partnership focuses on clean technologies such as direct air capture, green hydrogen, long-duration energy storage, and sustainable aviation fuel. The investment will be channeled through ArcelorMittal's XCarb™ innovation fund, which also includes prior investments in renewable energy initiatives. The CEO emphasized the critical need for affordable clean energy to achieve net-zero emissions by 2050.
On September 14, 2021, ArcelorMittal disclosed a share transaction linked to its buyback program initiated on July 29, 2021. A significant shareholder entered a share repurchase agreement to maintain their voting rights at 36.34% in ArcelorMittal’s capital. The transaction details can be reviewed in the Luxembourg Stock Exchange's OAM database and on ArcelorMittal’s corporate site under the Investors section.
On September 10, 2021, the Republic of Liberia and ArcelorMittal signed an amendment to the Mineral Development Agreement, enabling an expansion of mining and logistics operations. This $0.8 billion project will significantly increase premium iron ore production, initially ramping up to 15 million tonnes per annum by late 2023. The expansion is set to create over 2000 jobs and enhance local training programs. Notably, ArcelorMittal has invested over $1.7 billion in Liberia in the past 15 years, positioning itself as the largest foreign investor in the country.
On September 7, 2021, ArcelorMittal announced a share transaction notification related to its share buyback program initiated on July 29, 2021. This action is crucial as it allows a significant shareholder to maintain a voting rights level of 36.34% in the company's capital. The details of the transaction can be accessed through the Luxembourg Stock Exchange's electronic database and ArcelorMittal’s official websites. The notification is part of the company's compliance with Market Abuse Regulations, ensuring transparency in share dealings.
ArcelorMittal announced on September 6, 2021, that it received a shareholding notification from Société Générale SA. This notification revealed that Société Générale SA reached a threshold of 4.80% of potential voting rights on September 1, 2021.
This information is outlined in compliance with Luxembourg's transparency requirements for issuers of securities. The notification can be accessed through the Luxembourg Stock Exchange’s OAM electronic database and on ArcelorMittal’s corporate website.
On August 31, 2021, ArcelorMittal announced a share transaction related to its ongoing share buyback program initiated on July 29, 2021. A key shareholder has entered into a repurchase agreement to maintain their voting rights at 36.34% in the company's share capital. The details of this transaction can be accessed via the Luxembourg Stock Exchange’s database and on ArcelorMittal’s official website under the Investors section. This move aims to support the share buyback program and sustain the shareholder's influence in company decisions.
ArcelorMittal announces a share transaction by a Designated Person as per EU Market Abuse Regulations. This transaction is part of its share buyback program initiated on July 29, 2021. The significant shareholder entered into a repurchase agreement to maintain their voting rights at 36.34% of the company's share capital. For full details, the transaction information can be accessed on the Luxembourg Stock Exchange and ArcelorMittal's website.
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