Welcome to our dedicated page for ArcelorMittal news (Ticker: MT), a resource for investors and traders seeking the latest updates and insights on ArcelorMittal stock.
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.
On June 29, 2021, ArcelorMittal announced a share transaction by a Designated Person under Market Abuse Regulations. This transaction is linked to the company's share buyback program initiated on June 18, 2021. The Significant Shareholder entered into a share repurchase agreement to retain a voting rights level of 36.34% in ArcelorMittal's share capital. Further details on the buyback program are accessible on the company’s website and the Luxembourg Stock Exchange’s database.
ArcelorMittal has announced a major restructuring of its operational segments, moving management of its captive mining operations into its steel segments. This change is part of its strategy to streamline operations and optimize business functions. The Mining segment will now focus solely on seaborne-oriented operations, renaming itself to Seaborne Iron Ore. Historical financial data will be recast to reflect this update. In 2020, ArcelorMittal reported revenues of $53.3 billion and produced 71.5 million metric tonnes of crude steel.
ArcelorMittal has announced the results of its invitation for bondholders to sell up to EUR 1.5 billion in selected bonds. The acceptance results show no purchases for the EUR 500 million 0.950% Notes and EUR 750 million 1.000% Notes, while the EUR 1 billion 2.250% Notes and EUR 750 million 1.750% Notes had €470.98 million and €0 accepted, respectively. The settlement date is set for 29 June 2021. This invitation is subject to specific restrictions and is not open to U.S. persons. The company aims to manage its debt through this offer.
On June 17, 2021, ArcelorMittal launched a tender offer to purchase its 3.600% notes due 2024, 6.125% notes due 2025, and 4.550% notes due 2026. The offer expired on June 24, 2021, with validly tendered amounts reported as $464.8M for the 2024 notes, $73.4M for the 2025 notes, and $354.6M for the 2026 notes. Payment for accepted offers is anticipated on June 29, 2021. The company is engaging several dealer managers and has retained D.F. King as the information agent.
ArcelorMittal announces the completion of its second share buyback program, repurchasing 17,847,057 shares for approximately €468.8 million (US$570 million) at an average price of €26.27. A third buyback program is set to begin today with a value of US$750 million, funded by the sale of Cleveland-Cliffs common stock. This initiative aims to meet debt obligations and decrease share capital, expected to conclude by 31 December 2021.
ArcelorMittal announced a share transaction notification related to its share buyback program. This transaction involves a repurchase agreement with a Significant Shareholder to maintain voting rights at 36.34% of the company's share capital. The details of this transaction can be found in the Luxembourg Stock Exchange database and on ArcelorMittal's website. The share buyback program was initially announced on 4 March 2021, aiming to optimize the company's capital structure.
ArcelorMittal North America Holding has completed the sale of 38.2 million common shares in Cleveland-Cliffs, generating significant cash proceeds. A total of $1.9 billion from various sales will be returned to shareholders through a newly announced $750 million share buyback program. This buyback initiative aims to enhance shareholder value and follows the completion of a prior buyback program. The shares sold were valued at approximately $20 each, and ArcelorMittal continues to hold redeemable non-voting preferred stock in Cleveland-Cliffs.
ArcelorMittal has announced an invitation to bondholders to submit offers to sell up to €1.5 billion in various outstanding bonds. This includes EUR 500 million 0.950% Notes due 17 January 2023, EUR 750 million 1.000% Notes due 19 May 2023, and EUR 1 billion 2.250% Notes due 17 January 2024. The invitation commences on June 17, 2021, and will expire on June 24, 2021. The purchase prices are set to reflect market yields, with settlement expected around June 29, 2021. Major dealer managers include Citigroup and Goldman Sachs, while the funding will come from existing cash resources.
ArcelorMittal has launched a cash tender offer to purchase any and all of its 3.600% notes due 2024, 6.125% notes due 2025, and 4.550% notes due 2026 to reduce gross debt. The tender consideration is set at $1,076.50 for the 2024 Notes, $1,176.00 for the 2025 Notes, and $1,130.00 for the 2026 Notes. Holders may tender notes until June 24, 2021. The company intends to use existing cash resources to fund this initiative. The offers are aimed at early repayment and cancellation of the notes upon acceptance.
On June 15, 2021, ArcelorMittal reported a share transaction by a Designated Person, available on the Luxembourg Stock Exchange. This transaction ties back to its share buyback program initiated on March 4, 2021, ensuring the Significant Shareholder retains a 36.34% stake in the company. In 2020, ArcelorMittal achieved revenues of $53.3 billion and produced 71.5 million metric tonnes of crude steel. The company emphasizes its commitment to sustainable steel production, aiming to support global transformation towards cleaner energy solutions.
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