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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 announced the notification of a share transaction involving a Designated Person, available on the Luxembourg Stock Exchange's OAM database. This transaction is part of the company's share buyback program initiated on 29 July 2021. A Significant Shareholder has entered an agreement to sell shares, ensuring their voting rights remain at 36.34% of the share capital. More information regarding the share buyback program can be found on the company’s website.
ArcelorMittal disclosed a significant shareholding change on August 16, 2021, reporting that Société Générale SA has acquired a 5.35% stake in the company as of August 5, 2021.
This acquisition was made through various financial instruments, reflecting the company's compliance with the Luxembourg Transparency Law, which mandates notifications when voting rights exceed the 5% threshold. The details are accessible on the Luxembourg Stock Exchange and ArcelorMittal's corporate website.
ArcelorMittal reported a share transaction by a Designated Person related to its share buyback program announced on 29 July 2021. This agreement ensures that a Significant Shareholder maintains a 36.34% voting share in the company. The transaction details are accessible on the Luxembourg Stock Exchange’s OAM database as well as ArcelorMittal’s official website. The company continues to prioritize innovation and sustainability in steel production, contributing to a cleaner environment.
ArcelorMittal announced shareholding notifications from Société Générale SA on August 6, 2021, concerning their voting rights. Société Générale SA reached a shareholding threshold of 5.40% on August 3, and 4.98% on August 4. As the notifications indicate that Société Générale SA is now below the 5% threshold, no adjustments to the company's shareholding disclosure are necessary. The notifications comply with Luxembourg's transparency regulations.
ArcelorMittal continues to focus on sustainable steel production and had revenues of $53.3 billion in 2020.
ArcelorMittal has announced the cancellation of 70 million treasury shares as part of a strategy approved by shareholders on June 8, 2021. This action aligns with the previously announced US$ 2.2 billion share buyback program initiated on July 29, 2021. Post-cancellation, the company will have 1,032,809,772 shares outstanding, reducing the previous count of 1,102,809,772 shares.
This move aims to maintain appropriate treasury share levels, contributing positively to shareholder value.
ArcelorMittal has published its half-year report for the period ending June 30, 2021. The report is available on the company's corporate website and has been filed with the U.S. SEC on Form 6-K. In 2020, ArcelorMittal reported revenues of $53.3 billion, with crude steel production reaching 71.5 million metric tonnes. The company emphasizes its commitment to sustainable steel production, aiming for cleaner processes to support future infrastructure, including electric vehicles and renewable energy.
ArcelorMittal plans a CAD$1.765 billion investment in decarbonization technologies at its Dofasco plant in Hamilton, Ontario, aiming to cut CO2 emissions by 60% within seven years. This initiative involves transitioning to Direct Reduced Iron (DRI) and Electric Arc Furnace (EAF) production, significantly lowering carbon output and creating around 2,500 jobs during construction. The project is contingent on additional support from the Government of Ontario, building on CAD$400 million already pledged by the federal government. This investment is part of ArcelorMittal's global target to reduce emissions by 25% by 2030.
ArcelorMittal announces a new $2.2 billion share buyback program following the annual general meeting authorization on 8 June 2021. The program aims to return surplus cash flow from 2021 and fulfill obligations under debt exchangeable into equity. Expected to commence on 2 August 2021 and complete by 31 December 2021, the program reflects confidence in the company's financial health. The initiative supports shareholder value by reducing share capital and is part of a broader strategy to return value to shareholders.
ArcelorMittal (MT) reported impressive financial results for Q2 2021, showcasing strong recovery from 2020 disruptions. Key highlights include:
- Operating income surged to $4.4 billion, compared to $2.6 billion in Q1 2021.
- Net income reached $4.0 billion in Q2, up from $2.3 billion in Q1 2021.
- EBITDA was $5.1 billion, marking the best quarter since 2008.
- Steel shipments increased 2.4% to 16.1Mt.
- Debt decreased to $9.2 billion, down from $11.4 billion in Q1 2021.
Additionally, the company announced a new $2.2 billion share buyback program.
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