Financial Calendar - ArcelorMittal has announced its financial calendar for 2026, including key earnings results announcements [1] - The Annual General Meeting of Shareholders is scheduled for 5 May 2026 [1] Company Overview - ArcelorMittal is a leading integrated steel and mining company with operations in 60 countries and primary steelmaking in 14 countries [2] - It is the largest steel producer in Europe and among the largest in the Americas, with a growing presence in Asia through its joint venture AM/NS India [2] - In 2024, ArcelorMittal generated revenues of $62.4 billion, produced 57.9 million metric tonnes of crude steel, and 42.4 million tonnes of iron ore [2] - The company's purpose is to produce smarter steels that are cleaner, stronger, reusable, and support renewable energy infrastructure [2]

Key Takeaways CMC, MT, NUE and STLD have gained over 40% YTD amid a gradual steel price recovery.CMC is leveraging acquisitions, price hikes and strong demand to boost growth and expand its market footprint.MT, STLD and NUE are investing in capacity and value-added products to drive earnings.The steel industry has navigated 2025 with a combination of price volatility, changing trade policies and uneven end-market demand. Steel prices have swung widely through the year as a slowdown in top consumer China, U. ...

Core Insights - Kalmar Corporation has announced a contract to supply a fleet of forklift trucks equipped with next-generation lithium-ion battery solutions to ArcelorMittal, indicating a strategic partnership aimed at enhancing operational efficiency and sustainability in material handling [1] Group 1: Company Developments - The forklift truck fleet will feature advanced lithium-ion battery technology, which is expected to improve energy efficiency and reduce operational costs for ArcelorMittal [1] - This collaboration highlights Kalmar's commitment to innovation in the logistics and material handling sector, aligning with industry trends towards electrification and sustainability [1] Group 2: Industry Trends - The move towards lithium-ion battery solutions reflects a broader industry shift towards cleaner and more efficient energy sources in logistics and manufacturing [1] - As companies like ArcelorMittal adopt advanced technologies, the demand for innovative material handling solutions is likely to increase, presenting growth opportunities for suppliers like Kalmar [1]

Core Points - The article discusses the leaked draft of the third revision of the Mineral Development Agreement (MDA) between ArcelorMittal (AML) and the Liberian government, highlighting AML's efforts to secure near-total control over the Yekepa-Buchanan railway and Buchanan port [1] - The leaked MDA includes a "supremacy clause" that prioritizes the agreement over any conflicting current or future Liberian laws, which could significantly undermine national sovereignty [1] - Despite AML's claims that the new MDA is not intended to grant monopoly status, the revised MDA is projected to generate over $100 million annually for the government [1] - The MDA redefines AML's concession area as a "single production zone" with a single continuous mining license, granting AML control over transportation of ore and related logistics [1] - The concession could be extended for an additional 25 years or more, with a minimal annual fixed mining license fee of $500,000 [1] - AML has historically acted as its own auditor and production reporter, leading to low transparency regarding its contributions to Liberia, while Liberia's stake in the company has decreased from 30% to 15% without clear explanation [1] - The sovereignty of Liberia may hinge on the ability of the National Mining Cooperation Committee (IMCC) to resist the influence of a global mining giant that has navigated through three government changes over nearly two decades [1]

Core Viewpoint - ArcelorMittal Inc. has shown significant stock performance, with a 10.48% increase over the past month and a 70.53% increase over the past year, leading to optimism among long-term shareholders, while concerns about potential overvaluation arise from the price-to-earnings (P/E) ratio [1]. Group 1: Stock Performance - The current trading price of ArcelorMittal stock is $42.49, reflecting a 0.62% increase [1]. - Over the past month, the stock has increased by 10.48% [1]. - In the past year, the stock has appreciated by 70.53% [1]. Group 2: P/E Ratio Analysis - The P/E ratio is a critical metric for long-term shareholders to evaluate the company's market performance against historical earnings and industry standards [3]. - ArcelorMittal has a lower P/E ratio compared to the aggregate P/E of 29.55 for the Metals & Mining industry, suggesting potential undervaluation [4]. - A lower P/E ratio may indicate that shareholders do not expect future growth, but it could also mean the stock is undervalued [7][8]. Group 3: Investment Considerations - The P/E ratio should not be used in isolation; other factors such as industry trends and business cycles also influence stock prices [8]. - Investors are encouraged to use the P/E ratio alongside other financial metrics and qualitative analyses for informed investment decisions [8].

Core Insights - U.S. officials in Kyiv reported that Ukraine has agreed to the core elements of a peace deal brokered by President Trump, with only minor details remaining to be finalized [1] - The stock market is expected to react quickly to the news, particularly affecting the energy and defense sectors, which have already shown signs of decline [2] Company Insights - **ArcelorMittal**: - The company has achieved a year-to-date return of 82%, with its stock reaching a new 52-week high at $41.75 [4] - Its market capitalization stands at $31.76 billion, supported by a P/E ratio of 12.43 and a dividend yield of 1.15%, indicating strong investor confidence [5] - ArcelorMittal is well-positioned to benefit from potential reconstruction efforts in Ukraine, which could drive demand for steel and industrial materials [6] - However, logistical challenges and the pace of renovations may impact the company's ability to capitalize on these opportunities [7] - **Raiffeisen**: - Raiffeisen is one of the largest lenders in Russia not subject to sanctions, playing a crucial role in trade payments, including gas exports [8] - The bank's stock has surged over 100% year-to-date, trading at $10.06 [8] - The future of Raiffeisen in the post-war period remains uncertain, but it could benefit from reduced political pressure and potential new deals if a peace agreement is reached [10] - The bank faces scrutiny from Western regulators, and a complete exit from the Russian market is still a possibility, making it a riskier investment with significant upside potential [11]

Core Points - ArcelorMittal has cancelled 77,809,772 treasury shares, resulting in a total of 775,000,000 shares in issue [1] - The company retains approximately 14.4 million treasury shares for its Long-Term Incentive Plan commitments [1] - In 2024, ArcelorMittal generated revenues of $62.4 billion and produced 57.9 million metric tonnes of crude steel [3] Company Overview - ArcelorMittal is a leading integrated steel and mining company with operations in 60 countries and primary steelmaking in 14 countries [3] - It is the largest steel producer in Europe and has significant operations in the Americas and Asia [3] - The company aims to produce innovative steels that are energy-efficient, low in carbon emissions, and reusable, supporting renewable energy infrastructure [3]

Core Viewpoint - ArcelorMittal emphasizes the urgent need for the new tariff quota proposed by the European Commission to protect the European steel industry and ensure the long-term security of the manufacturing sector [1] Group 1: Industry Impact - Steel imports into the EU are at record levels, causing significant harm to the EU steel industry [1] - The introduction of the tariff quota is seen as a crucial measure for the survival of the steel industry in Europe [1] Group 2: Company Preparedness - ArcelorMittal is preparing to increase production across its European facilities in anticipation of changes in demand due to the new tariff quota [2] - The company aims to reassure manufacturers and distributors that it will continue to meet their steel needs, thereby maintaining stability in the supply chain [2] Group 3: Leadership Assurance - Geert Van Poelvoorde, CEO of ArcelorMittal Europe, acknowledges concerns from steel users regarding potential supply shortages and price volatility but assures that the company can meet European customer demand with locally produced steel [3] - The company is ready to ramp up production in line with demand to support European jobs and create significant value for the European economy [2][3]

Core Insights - ArcelorMittal has experienced a nearly 73% increase in stock price since the beginning of the year, driven by stronger earnings, improved market conditions, and a defined capital-return strategy, while facing risks related to demand, tariffs, and the steel cycle [2][13] Financial Performance - In Q3 2025, ArcelorMittal reported revenue of $15.66 billion, steel shipments of 13.6 million tons, and net income of $377 million, supported by solid performance in iron ore and wider spreads in Europe and Brazil [4] - The company maintains a strong liquidity position of approximately $11.2 billion and has committed to returning at least 50% of post-dividend free cash flow to shareholders, alongside ongoing buybacks through 2025 [5] Market Positioning - The strengthened Carbon Border Adjustment Mechanism (CBAM) and Steel & Metals Action Plan from the EU have enhanced confidence in long-term European steel demand and pricing [6] - ArcelorMittal is strategically advancing its green-steel roadmap and investing in hydrogen-ready Electric Arc Furnaces (EAF), positioning itself for future demand from low-carbon steel markets [7] Risks and Challenges - Net debt has increased to $9.1 billion due to working capital buildup, with a significant unwind expected in Q4 to recover free cash flow [8] - The company faces uncertainties related to tariffs, trade flows, and energy costs, which could impact steel margins and overall market sentiment [9] - Demand projections for 2025 have been revised down, with potential threats from weak U.S. construction and a sluggish automotive recovery, alongside rising global oversupply [10] - Execution risks related to decarbonization and large-scale capital projects could influence returns and limit capital allocation flexibility [11][12]

Core Insights - ArcelorMittal S.A. reported a third-quarter 2025 net income of $377 million, or 50 cents per share, an increase from $287 million, or 37 cents per share, in the same quarter last year [1] - Adjusted earnings were 62 cents per share, surpassing the Zacks Consensus Estimate of 58 cents [1] - Total sales increased approximately 3% year over year to $15,657 million, exceeding the consensus estimate of $14,711 million [1] Financial Performance - Total steel shipments rose 1.5% year over year to 13.6 million metric tons, beating the consensus estimate of 13.57 million metric tons [2] - Cash and cash equivalents at the end of the quarter were $5,733 million, up from $5,443 million in the prior quarter, with net debt around $9.1 billion [6] Segment Performance - **North America**: Sales increased 20% year over year to $3,111 million, with crude steel production up 0.6% to 1,662 million metric tons and steel shipments rising 8.6% to 2,615 million metric tons, exceeding the consensus estimate of 2,555 million metric tons [2] - **Brazil**: Sales decreased 13% year over year to $2,807 million, with crude steel production down 6% to 3,595 million metric tons and shipments falling 6.8% to 3,530 million metric tons, missing the consensus estimate of 3,646 million metric tons [3] - **Europe**: Sales rose 0.6% year over year to $7,186 million, with crude steel production declining nearly 7.8% to 7,251 million metric tons, while shipments increased around 3% to 7,001 million metric tons, surpassing the consensus mark of 6,871 million metric tons [4] - **Mining**: Sales increased 24.3% year over year to $732 million, with iron ore production totaling 8.5 million metric tons, up 28.8% from the previous year [5] Future Outlook - The European Commission's new steel-sector trade tool and the Carbon Border Adjustment Mechanism (CBAM) are expected to enhance fair competition and support industry capacity utilization [7] - The company remains optimistic about its medium- and long-term outlook, anticipating benefits from rising steel demand linked to energy transition, infrastructure development, and defense needs [8] - Recent M&A activities and high-return organic growth projects are expected to boost future EBITDA by $2.1 billion, including $0.7 billion in 2025 and $0.8 billion in 2026 [10] Market Performance - ArcelorMittal's shares have gained 57.9% over the past year, contrasting with a 14.3% decline in the industry [11]