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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 a notification of a share transaction involving its Directors or Executive Officers as per Regulation (EU) No 596/2014. This transaction is linked to the share buyback program initiated on 15 February 2021. A significant shareholder has entered into a repurchase agreement to sell shares, ensuring their voting rights in the company remain at 36.34%. Further information can be found on the ArcelorMittal website under the Investors section.
ArcelorMittal has successfully completed its share buyback program, repurchasing 27,113,321 shares for approximately €536.57 million (US$649.99 million), at an average price of €19.79. A new buyback program has been initiated today, totaling US$570 million, aligned with the company's capital returns policy. This program aims to meet obligations under equity-related debt and to reduce share capital, expected to conclude by 31 December 2021. The Significant Shareholder will sell an equivalent number of shares daily to maintain voting rights.
On March 3, 2021, ArcelorMittal announced a notification regarding a share transaction by a Designated Person, in compliance with Market Abuse Regulations. This transaction is linked to the company’s share buyback program initiated on February 15, 2021. A significant shareholder has agreed to sell shares to maintain their voting rights at 36.34%. Details of the transaction can be accessed in the Luxembourg Stock Exchange’s electronic database and on ArcelorMittal’s website.
ArcelorMittal has announced the availability of a notification regarding a share transaction by a Designated Person, such as Directors or Executive Officers. This notification complies with Article 19(3) of Regulation (EU) No 596/2014 on market abuse. Investors can access the details of this transaction on the Luxembourg Stock Exchange’s electronic database OAM and on the ArcelorMittal website under Investors > Corporate Governance > Share Transactions by Management.
ArcelorMittal has announced a share buyback program with a maximum amount of US$650 million, authorized by its AGM in June 2020. This program will help meet obligations related to debt exchangeable into equity securities and reduce share capital. Following this, a second program worth US$570 million will commence, aligning with the company's capital returns policy. Both buyback programs are set to be completed by 31 December 2021. The share repurchase agreement ensures that the Significant Shareholder maintains their voting rights.
ArcelorMittal announces a leadership transition with Aditya Mittal promoted to Chief Executive Officer, effective immediately. He succeeds Lakshmi N. Mittal, who will take on the role of Executive Chairman. The change follows the company's strong performance amidst 2020 challenges and aims to enhance its position as a global leader in steel production. Aditya emphasized the importance of decarbonization and sustainability in future strategies. Genuino Christino is appointed as the new Chief Financial Officer.
On February 11, 2021, ArcelorMittal (MT) reported its financial results for Q4 and FY 2020, revealing a net loss of $0.7 billion, a significant improvement from a $2.5 billion loss in 2019. The company achieved $1.5 billion in free cash flow despite a challenging market, with steel shipments down 18.2% to 69.1 million tonnes. Operating income was $2.1 billion, up from a loss the previous year. ArcelorMittal's gross debt dropped to $12.3 billion, the lowest since the 2006 merger. The company also initiated a $500 million share buyback program and a proposed dividend of $0.30 per share.
ArcelorMittal North America Holdings LLC has announced an agreement to sell 40 million shares of Cleveland-Cliffs through a fully underwritten public market offering. This sale is part of a combined public offering and will contribute proceeds for a new share buyback program. Following this transaction, ArcelorMittal will retain approximately 38 million shares of Cleveland-Cliffs and other preferred stock. The registration statement for this offering has been filed with the SEC, and additional details on the buyback program will be shared after 15 February.
On October 5, 2020, ArcelorMittal launched a tender offer to purchase outstanding 6.125% notes due 2025, with a total value of U.S.$249,886,000 tendered. The offer expired on October 13, 2020, and the company anticipates accepting the validly tendered notes on October 15, 2020, with cash payments expected on the settlement dates. BBVA Securities, Citigroup, HSBC, Mizuho, and Natixis served as dealer managers for this offer. The company aims to strengthen its financial position through this offer, which is part of its broader strategy in managing its debt obligations.
On October 5, 2020, ArcelorMittal commenced an invitation for bondholders to sell up to €1 billion in bonds. The offer was subject to conditions and expired on October 13, 2020. The company accepted offers totaling €263,583,000 for 3.125% Notes and €133,121,000 for 0.95% Notes, both accepted at significant purchase prices. The settlement is expected on October 15, 2020, with all accepted bonds to be canceled thereafter. The shares of ArcelorMittal trade under the ticker 'MT' on multiple stock exchanges.
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