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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 has announced the completion of its second investment in the XCarb™ innovation fund, leading a $200 million Series D financing round for Form Energy with a $25 million equity investment. Form Energy specializes in low-cost energy storage technology, unveiling a new iron-air battery that is significantly cheaper and offers multi-day reliability. The investment includes a joint development agreement for ArcelorMittal to supply iron for the battery technology. The XCarb™ fund aims to invest up to $100 million annually in technologies for carbon-neutral steelmaking.
ArcelorMittal has released the second quarter 2021 EBITDA consensus estimates, indicating a projected EBITDA of $4,668 million based on the aggregated forecasts of approximately 15-20 analysts. This data is compiled by Vuma Financial Services, an independent firm that tracks estimates from sell-side analysts. It’s important to note that ArcelorMittal did not influence these estimates and holds no responsibility for their accuracy. The consensus provides insights from various brokers including Barclays and Goldman Sachs among others.
ArcelorMittal has announced plans for its Sestao plant in Spain to become the world’s first full-scale zero carbon-emissions steel plant by 2025. This initiative includes a €1 billion investment for a green hydrogen direct reduced iron (DRI) plant in Gijón and a new hybrid electric arc furnace (EAF). The Sestao facility aims to produce 1.6 million tonnes of zero carbon-emissions steel by using recycled scrap and renewable electricity, while introducing emerging technologies to minimize fossil fuel reliance.
ArcelorMittal has signed a €1 billion memorandum of understanding with the Spanish Government to fund decarbonisation technologies at its Gijón plant. This initiative aims to reduce CO2 emissions by 4.8 million tonnes, or about 50%, over five years. The project includes a 2.3 million-tonne green hydrogen DRI unit and a 1.1 million-tonne hybrid EAF, expected to be operational by 2025. This will make ArcelorMittal's Sestao plant the first full-scale zero carbon-emissions steel plant globally. The plan's success depends on affordable hydrogen and government support.
ArcelorMittal has successfully completed its third share buyback program, as announced on July 7, 2021. The program, initiated on June 18, 2021, involved the repurchase of 24,458,524 shares at a total cost of approximately €630.36 million (or US$750 million), with an average price per share of €25.77. This strategic move aims to enhance shareholder value and reflects the company's confidence in its financial position. For more details, visit the company's website.
ArcelorMittal announced a share transaction in compliance with EU Market Abuse Regulations on July 7, 2021. This transaction is associated with the company's share buyback program initiated on June 18, 2021. A significant shareholder has agreed to sell shares to maintain their voting rights at 36.34%. Details of the transaction and buyback program can be accessed on the Luxembourg Stock Exchange's database and ArcelorMittal's website under the Investors section.
ArcelorMittal announces a share transaction notification for a Designated Person, available on the Luxembourg Stock Exchange and its website. This transaction relates to the share buyback program initiated on 18 June 2021. A significant shareholder has entered into a share repurchase agreement to maintain their voting rights in ArcelorMittal’s share capital at 36.34%. Additional details regarding the buyback program can also be found on the company's investor page.
ArcelorMittal has announced a notification of a share transaction by a Designated Person, available on the Luxembourg Stock Exchange's electronic database. This transaction relates to ArcelorMittal's share buyback program detailed on June 18, 2021. A significant shareholder has entered into a repurchase agreement, ensuring their voting rights remain at 36.34%. More information about the program can be found on ArcelorMittal's website under the Investors section.
ArcelorMittal has released its 2020 report on Payments to Governments regarding its mining sector. This report details the financial contributions made to governments and complies with Luxembourg law. In 2020, ArcelorMittal generated revenues of $53.3 billion and produced 71.5 million metric tonnes of crude steel. The company aims to innovate in steel production, emphasizing sustainability and efficiency. The full report can be accessed through the company's website.
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