Renta 4 : The company announced that it was changing the way it publishes results as of 2024. The main changes are: 1) New “sustainable solutions” division, whose results come from the Europe division (which is revised), 2) inclusion of the contribution of the net results of the JVs, mainly India, Calvert (USA), China and others, which were previously in the results of investees and 3) ACIS (Eastern Europe, South...

Renta 4 : The European steelmaker has reached an agreement with Nippon Steel to buy 50% of its stake in the Calvert mill. ArcelorMittal holds the remaining 50%. AM will pay $1 and Nippon Steel will also inject cash and forgive loans totalling about $900 million. This deal is subject to Nippon Steel securing regulatory approvals allowing it to acquire US Steel. ArcelorMittal and Nippon Steel created the Calvert JV...

Renta 4 | ArcelorMittal (AM) has organised a visit for analysts to the Hazira plant in India, AM’s main facility in the country. AM created the JV in India (AM/NS India) together with Nippon Steel 60%/40% in 2019. AM/NS India has generated $5.8 billion of cash since the acquisition of the assets and has invested the same amount in its growth, acquisition of mines, ports, power facilities, land. Despite the...

Link Securities | The steel multinational ArcelorMittal (MTS) has ruled out that the explosion recorded on Tuesday in the batteries of its factory in Gijón, in which three workers were injured and are hospitalised with a guarded prognosis, will affect its production, according to the newspaper Expansión. It could, however, happen that some rolling mills such as plate, rail or wire rod, which are fuelled by coke gas, may have...

Morgan Stanley | STEEL Alain Gabriel publishes today a recap presentation with the main figures and trends in European steel. His main OWs remain Arcelor and voestalpine (the latter he upgraded to OW last week) and Acerinox and Outokumpu in stainless steel. STEEL Arcelor- trades at a steep discount to its cyclical low multiple with normalised earnings and offers an interesting risk-return 12 months ahead. The new ebitda calculation perimeter,...

Morgan Stanley: According to Reuters, employees have rejected the agreement to end the strike at the Lázaro Cardenas plant, which has been in place since 24 May. Alain Gabriel (analyst) points out that the blockade is likely to have a significant impact on the North American division (the plant represents almost half of the division’s capacity). In this sense, an 80% utilisation would imply an annual production of up to...