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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.
Utility Global, a company developing eXERO™ gas production technology for hard-to-abate industries, has raised $53 million in an ongoing Series C financing. The round was led by the OPG Pension Plan and joined by ArcelorMittal's XCarb® Innovation Fund, Ara Partners, and other existing investors.
ArcelorMittal and Utility Global have also entered a Collaboration Agreement to develop a commercial facility at one or more of ArcelorMittal's integrated steel plants. The funding will accelerate commercialization of Utility Global's eXERO technology, focusing on final design and productization for deploying first commercial units in 2026 under the H2Gen™ product line.
The company's technology aims to transform industries by providing a cost-effective way to reduce greenhouse gas emissions while producing low-carbon intensity fuels and chemicals.
ArcelorMittal has invested $5 million in Utility Global through its XCarb® Innovation Fund, as part of Utility Global's $53 million Series C fundraising round. Utility Global has developed a patented reactor that processes industrial gases into high-purity hydrogen and a concentrated CO2 stream without using electricity. This technology has potential for decarbonising steelmaking by replacing natural gas with hydrogen and simplifying carbon capture.
ArcelorMittal has also entered a collaboration agreement to accelerate the technology's commercial adoption, exploring opportunities to host pilot plants at its facilities. The XCarb® Innovation Fund, launched in 2021, has committed to investments in eight companies covering various decarbonisation technologies and is an anchor partner in Breakthrough Energy's Catalyst program with a $100 million commitment over five years.
ArcelorMittal hosted an investor day at AM/NS India's Hazira plant, showcasing the joint venture's progress and future plans. Key highlights include:
1. AM/NS India's strong performance since 2019 acquisition, with record production levels and competitive Ebitda.
2. $5.8 billion cash generation enabling significant growth investments.
3. Ongoing expansion project to increase steelmaking capacity from 9 to 15 million tonnes by 2026.
4. Long-term vision to reach 40 million tonnes annual capacity.
5. Plans to reduce carbon intensity by 20% by 2030 and develop renewable energy capacity.
India is projected to be the world's fastest-growing steel market, with domestic demand expected to grow at a CAGR of over 6% in the next decade.
ArcelorMittal has completed the acquisition of a 28.41% stake in Vallourec for approximately €955 million, purchasing 65,243,206 shares at €14.64 per share from Apollo Global Management funds. This strategic move strengthens ArcelorMittal's position in the high-quality tubular products market, with potential growth in clean energy sectors. Following the acquisition, ArcelorMittal executives will join Vallourec's board, including Genuino Magalhaes Christino as director, Keith Howell as director, and Aditya Mittal as observer.
CEO Aditya Mittal emphasized that this acquisition aligns with ArcelorMittal's growth strategy, complementing recent successful acquisitions in Brazil and the US. The company does not plan to launch a tender offer for Vallourec's remaining shares in the next six months.
ArcelorMittal, the world's leading integrated steel and mining company, has published its half-year report for the six-month period ended 30 June 2024. The report is available on the company's website, the Luxembourg Stock Exchange, and has been filed with the U.S. Securities and Exchange Commission. ArcelorMittal operates in 60 countries with primary steelmaking operations in 15 countries. In 2023, the company generated revenues of $68.3 billion, produced 58.1 million metric tonnes of crude steel and 42.0 million tonnes of iron ore. ArcelorMittal's purpose is to produce smarter steels for people and planet, focusing on innovative processes that reduce energy consumption and carbon emissions. The company is listed on stock exchanges in New York, Amsterdam, Paris, Luxembourg, and Spain.
ArcelorMittal (MT), the leading steel and mining company, reported Q2 2024 and H1 2024 results. Key points include:
Q2 2024: EBITDA of $1.9bn, net income of $0.5bn, steel shipments up 3.2% vs. Q1 2024. Cash flow reinvested in growth and returns to shareholders. Net debt at $5.2bn.
H1 2024: Sales fell 12.3% to $32.5bn, net income declined to $1.4bn. Operating income at $2.1bn, EBITDA at $3.8bn.
Strategic Developments: Projects in Brazil and India progressing, expected to boost EBITDA by $1.8bn by end of 2026. Acquisitions in Italy and Spain add $0.2bn to 2025 EBITDA potential.
Outlook: Market conditions expected to improve in 2H 2024. Capex for 2024 between $4.5bn-$5.0bn. Free cash flow outlook remains positive.
Key Financials: Q2 Sales $16.2bn, Operating Income $1.0bn, EPS $0.63. H1 Sales $32.5bn, Operating Income $2.1bn, EPS $1.80.
ArcelorMittal (MT) has released its Q2 2024 sell-side analyst consensus figures, based on estimates from approximately 15 brokers. The consensus, compiled by Visible Alpha, shows:
- EBITDA: $1,773 million
- Net income: $624 million
- Earnings per share: $0.79
These figures are derived from 12 participating analysts who have updated their estimates to reflect ArcelorMittal's new EBITDA definition and reportable segmentation. The company emphasizes that it is not responsible for analysts' views and is not involved in collecting or compiling the estimates.
ArcelorMittal has announced the winners of its inaugural XCarb® India Accelerator Programme for climate tech start-ups. The three winners, UrjanovaC, AgroMorph Technosolutions, and Susstains Engineering Solutions, will each receive $50,000 and mentoring to develop their technologies. The program, launched in July 2023 in collaboration with IIT Madras, aims to support ArcelorMittal's climate ambitions and India's start-up ecosystem.
The winning technologies focus on carbon capture and utilization, algae-based CCUS systems, and biochar production as a coal replacement in the steel industry. These innovations hold significant potential for industrial decarbonization, aligning with ArcelorMittal's goal to produce smarter, cleaner steels that benefit people and the planet.
ArcelorMittal released its 2023 Payments to Governments report, detailing the financial contributions made by the company and its subsidiaries in relation to its mining operations. This report, which meets Luxembourg's legal requirements, is accessible on their corporate website. ArcelorMittal, a leading global steel and mining company, operates in 60 countries and has major steelmaking facilities in 15 countries. In 2023, the company generated $68.3 billion in revenue, produced 58.1 million metric tonnes of crude steel and 42.0 million tonnes of iron ore. ArcelorMittal focuses on creating innovative, energy-efficient, and low-carbon steels to support sustainable development. The company is listed on several major stock exchanges, including New York, Amsterdam, Paris, Luxembourg, and the Spanish stock markets.
On June 12, 2024, ArcelorMittal received a shareholding notification from BlackRock regarding a threshold change in voting rights.
BlackRock's voting rights reached 4.99% as of June 10, 2024. The notification is available on the Luxembourg Stock Exchange's OAM electronic database and ArcelorMittal's website.
This update aligns with Luxembourg's Transparency Law concerning shareholding notifications above or below the 5% threshold.
ArcelorMittal, the world's leading steel and mining company, reported $68.3 billion in revenue for 2023, with primary operations across 15 countries.
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