ArcelorMittal (MT) - NYSE
  • Fri, Mar. 11, 7:53 AM
    • ArcelorMittal (NYSE:MT) outlines the terms of a $3B rights issue aimed at shoring up its finances, as shareholders approve a rights issue that will allow them to buy seven new shares for every 10 existing shares at €2.20/share.
    • The ~1.26B shares will be issued at a price that represents a 35.3% discount to MT's theoretical ex-rights price, based on its closing Euronext Amsterdam share price on March 10.
    • The family of CEO Lakshmi Mittal will maintain its 37% holding in the company.
    • MT -2.8% premarket.
    | Fri, Mar. 11, 7:53 AM | 15 Comments
  • Thu, Mar. 10, 5:38 PM
    | Thu, Mar. 10, 5:38 PM
  • Wed, Mar. 9, 8:36 AM
    • ArcelorMittal (NYSE:MT) says a strike at its Mexican steel mills is causing lost production of 8.5K-10K metric tons/day of steel and that it runs a "significant risk" losing customers because of the uncertainty.
    • More than 3K unionized workers union began striking Friday, alleging "multiple violations" of its collective contract; the final straw reportedly was the closure of a plant used to make coke, which left 238 workers without jobs.
    • MT is one of Mexico's largest steel makers, producing 3.9M metric tons of steel in the country in 2014, the latest figure available, but the Mexican steel industry has been hurt by weak global demand for steel, global overcapacity and cheap imports.
    | Wed, Mar. 9, 8:36 AM | 8 Comments
  • Tue, Mar. 8, 10:26 AM
    • Iron ore miners fall sharply as the spectacular rally stalls and analysts pile in with mostly bearish assessments.
    • Iron ore’s rally likely will prove "short-lived," Goldman Sachs said yesterday as it maintained an end-of-year target of $35/ton, while Citigroup says it is still bearish and Axiom Capital Management says the jump probably is just a blip.
    • "The rally is there to be sold because the fundamentals of the market, being supply and demand, do not stack up," says Wayne Gordon at UBS Wealth Management.
    • Monday’s 20% spike largely was a response to weekend comments from the Chinese government that implied more infrastructure investment, and does not change the mid-to-long-term outlook, says BHP (BHP -8.8%) Minerals Australia President of Operations Mike Henry.
    • Roy Hill CEO Barry Fitzgerald says the price spike was an "aberration... the consensus, if you look at the forward estimates is down, $30s, $40s."
    • Citigroup adds that the joint venture between Vale (VALE -10.7%) and Fortescue (OTCQX:FSUMF -12.4%) might have implications for iron ore price support longer term, but it sees an oversupplied market near term.
    • Also: RIO -9.1%, CLF -11.3%, X -8.6%, MT -8.3%, AKS -6.9%.
    | Tue, Mar. 8, 10:26 AM | 26 Comments
  • Tue, Mar. 8, 9:17 AM
    | Tue, Mar. 8, 9:17 AM | 3 Comments
  • Mon, Mar. 7, 6:58 PM
    • Even before today's 20% jump in iron ore prices, capping a 48% rise since the beginning of February, Goldman Sachs warned that the current rally would prove "short-lived" in the absence of a material increase in Chinese steel demand.
    • Goldman says it is keeping its iron ore price forecast for 2016 at $38/metric ton and $35 for the next two years; the price of ore with 62% content crested today at $64.20/dry metric ton.
    • Goldman says disruptions in top exporters Australia and Brazil impacted iron ore supply in January and helped stoke the price rally, but that its analysis of freight activity indicates that export volumes recovered in February and expects further supply growth in the quarters ahead to pressure inventory levels and prices.
    • Bullish sentiment in China's steel market is not supported by hard data, Goldman adds, saying the seasonal increase in demand appears only marginally stronger than last year.
    • In today's trade: VALE +6.1%, RIO +5.4%, BHP +5.4%, CLF +18.7%, X +4.4%, MT +5.9%, AKS +8%, WOR +3.3%, STLD +4.5%.
    | Mon, Mar. 7, 6:58 PM | 44 Comments
  • Mon, Mar. 7, 11:28 AM
    • ArcelorMittal (MT +4.5%) is upgraded to Hold from Underperform with a $4 price target at Jefferies, which believes MT's plans to raise $4B in additional capital through asset sales and a rights issue will provide “a runway” to overcome hurdles expected in the coming years.
    • The firm says it remains concerned that negative free cash flow may eat into liquidity and notes MT's balance sheet is still far from best-in-class, the company "has done what the market asked of it."
    • Looking forward, Jefferies says the steel market environment appears better than feared as seen in current price momentum and speculation of incremental stimulus drivers.
    | Mon, Mar. 7, 11:28 AM | 3 Comments
  • Fri, Mar. 4, 5:22 PM
    • The U.S. Commerce Department says it has launched a new investigation into imports of stainless steel sheet and strip from Chinese steelmakers, which could result in increased import tariffs on their goods.
    • The probe was in response to a petition from companies including AK Steel (NYSE:AKS), which today increased its base prices for carbon flat-rolled steel products by a minimum $30/metric ton, a move similar to increases announced to customers by other big steelmakers, including U.S. Steel (NYSE:X), Nucor (NYSE:NUE) and ArcelorMittal (NYSE:MT).
    • Earlier this week, the U.S. introduced preliminary import tariffs on cold-rolled steel from seven countries, including China, and is considering new duties on three other steel categories, following complaints of illegal dumping of steel in the U.S.
    | Fri, Mar. 4, 5:22 PM | 8 Comments
  • Wed, Mar. 2, 5:43 PM
    | Wed, Mar. 2, 5:43 PM | 3 Comments
  • Wed, Mar. 2, 2:47 PM
    • Steel company shares are soaring following news of U.S. anti-dumping duties in the cold-rolled sheet trade case, with China receiving a 266% duty, which should effectively lock the country out of the U.S. market; Japan and Brazil were nailed with respective duties of 71% and 39%.
    • J.P. Morgan analysts call the tariffs a win for U.S. steel stocks including U.S. Steel (X +22%), AK Steel (AKS +17.4%), Steel Dynamics (STLD +5.2%) and Nucor (NUE +2.6%), as trade cases filed by the U.S. and around the world eventually will close the door to the export market for surplus Chinese steel, and China will have to cut its steel capacity to come in line with Chinese domestic demand.
    • With steel prices rebounding off of a bottom and the companies clearly demonstrating they have enough liquidity, J.P. Morgan believes the stocks should continue to outperform as shorts find it difficult to portray a possibility of near-term bankruptcies.
    • Also: MT +11.7%, CLF +19.5%, CMC +1.2%, WOR +2.9%, ZEUS +13.2%, SLX +6.9%.
    | Wed, Mar. 2, 2:47 PM | 23 Comments
  • Tue, Mar. 1, 7:03 PM
    • The U.S. government announces tariffs of 266% on steel imports from China, with goods from Brazil, India, South Korea, Russia, Japan and the U.K. subject to smaller duties.
    • It is the second time since December that the U.S. government has penalized foreign steel producers, including Chinese mills, for selling steel in the U.S. at unfairly low prices.
    • Analysts say the duties may not fully satisfy U.S. producers, as the 6.9% rate for South Korea, the second-largest source of the products, was far below what the industry alleged.
    • Related Tickers: AKS, X, NUE, MT, CMC, STLD, WOR, ZEUS, SLX.
    | Tue, Mar. 1, 7:03 PM | 43 Comments
  • Tue, Mar. 1, 9:19 AM
    | Tue, Mar. 1, 9:19 AM | 1 Comment
  • Tue, Feb. 23, 5:41 PM
    • Top gainers, as of 5.25 p.m.: ETSY +16.3%. MT +10.0%. DWA +8.3%. CRR +8.2%. TWX +5.8%.
    • Top losers, as of 5.25p.m.: DY -16.8%. CAR -12.0%. NYMT -7.5%. SLCA -6.6%. HTZ -4.9%.
    | Tue, Feb. 23, 5:41 PM | 5 Comments
  • Tue, Feb. 23, 2:25 PM
    • U.S. Steel (X -5%) and ArcelorMittal (MT -5.3%) are downgraded to Market Perform from Outperform at Cowen, which says these integrated producers likely will be more challenged given their inferior cost structure compared to producers such as Steel Dynamics (STLD -4.5%).
    • The firm believes that while steel prices have stabilized in the low $400/st area, the downturn is likely to continue, with little likelihood of a significant rebound in energy steel demand in 2016, and the weakness in oil and gas products continues to have a negative impact on the U.S. industrial economy.
    • Cowen also sees little chance of upside in share prices from current levels following the recent increase in U.S. flat-rolled carbon steel prices.
    • Cowen's stock price targets for X and MT are $8 and $4, respectively.
    | Tue, Feb. 23, 2:25 PM | 12 Comments
  • Mon, Feb. 22, 9:19 AM
    | Mon, Feb. 22, 9:19 AM | 6 Comments
  • Tue, Feb. 16, 9:13 AM
    | Tue, Feb. 16, 9:13 AM | 1 Comment
Company Description
ArcelorMittal SA is engaged in steelmaking and mining activities. It operates through the following segments: NAFTA, Europe, Brazil, ACIS and Mining. The company was founded on June 25, 2006 and is headquartered in Luxembourg.
Industry: Steel & Iron
Country: Luxembourg