Core Insights - ArcelorMittal S.A. reported a fourth-quarter 2025 net income of $177 million, or 23 cents per share, a significant improvement from a loss of $390 million, or 51 cents per share, in the same quarter last year [2] - Adjusted earnings were 86 cents per share, exceeding the Zacks Consensus Estimate of 56 cents [2] - Total sales increased by approximately 2% year over year to $14,971 million, although this figure fell short of the consensus estimate of $15,760.7 million [2] Financial Performance - Total steel shipments decreased by 4% year over year to 13 million metric tons, missing the consensus estimate of 14.5 million metric tons [3] - In North America, sales rose by 16% year over year to $3,045 million, while crude steel production fell by 4.2% to 1,804 million metric tons [4] - Brazil saw a slight sales increase of 0.4% year over year to $2,901 million, with crude steel production rising by 3.1% to 3,636 million metric tons [5] - European sales declined by around 6% year over year to $6,736 million, with crude steel production down nearly 17% to 6,398 million metric tons [6] - Mining segment sales surged by 29% year over year to $908 million, with iron ore production totaling 10.1 million metric tons, up approximately 13.5% [7] Cash and Debt Position - At the end of the reported quarter, cash and cash equivalents stood at $5,476 million, down from $5,733 million in the previous quarter, with net debt around $7.9 billion [8] Future Outlook - The company anticipates global steel demand, excluding China, to improve in 2026, with apparent steel consumption projected to grow around 2% year over year [9] - ArcelorMittal plans to invest $4.5 to $5.0 billion in capital expenditures during 2026 to enhance capacity and efficiency, targeting medium- and long-term structural demand drivers [11] Stock Performance - ArcelorMittal's shares have increased by 105.6% over the past year, contrasting with a 58.7% decline in the industry [14]

February 1, 2026 11:32 PM GMT Investor Presentation | Asia Pacific M Foundation Micro Fixes, Macro Slow Burn Related reports: Micro Fixes, Macro Slow Burn (29 January 2026) Morgan Stanley Asia Limited Robin Xing Chief China Economist Robin.Xing@morganstanley.com +852 2848-6511 | | The slight easing in provincial targets reflects a shift toward pragmatism rather than pessimism | | | A lower growth target could be positive for rebalancing | | --- | --- | --- | --- | --- | | | 2025 | 2026 | Change | | | Beijin ...

Core Insights - The AI boom is driving a significant increase in energy demand and infrastructure development, with expectations for these trends to continue into 2026 [1] Energy Demand and Infrastructure Development - President Trump highlighted the need for more than double the current energy capacity in the US to support AI plants, emphasizing the administration's commitment to enhancing domestic electricity infrastructure [2] - Global power usage by data centers is projected to rise from approximately 55 gigawatts to 84 gigawatts within the next two years, according to Goldman Sachs [3] - The US is experiencing a surge in infrastructure and energy production, with steel production reportedly doubling and tripling, and factory construction increasing by 41% [6] Industry Performance - The Industrials sector has seen a 17.5% increase over the past year, outperforming the S&P 500's 13.5% return, with Caterpillar, the largest heavy machinery operator in the US, achieving a remarkable 58% return in the same period [5] - Nvidia's CEO stated that AI development will necessitate "trillions of dollars" in spending, marking it as the "largest infrastructure build-out in history" [7] Challenges in Infrastructure Development - Heavy machinery companies are facing significant backlogs for essential parts like natural gas turbines, and connecting new-generation equipment to the US power grid can take over a decade [4]

Core Viewpoint - Ten-League International Holdings Limited has successfully completed the handover of five hydraulic grabs to Bachy Soletanche Singapore, enhancing its strategic presence in the heavy equipment supply industry and supporting the Cross Island Line project in Singapore [1][2]. Company Overview - Ten-League International Holdings Limited is a Singapore-based provider of turnkey project solutions, focusing on heavy equipment sales, rental, and engineering consultancy services for various industries including construction and civil engineering [7]. - The company organizes its equipment into four categories: foundation equipment, hoist equipment, excavation equipment, and port machinery, and aims to provide high-quality equipment and value-added engineering solutions [7]. Project Details - The hydraulic grabs supplied are essential for foundation excavation, supporting earth retaining and stabilizing works for underground metro station construction, where precision and reliability are crucial [2]. - The Cross Island Line (CRL) is Singapore's eighth MRT line and the longest fully underground line, connecting various corridors of the island, with Ten-League's hydraulic grabs being used in major MRT projects [3]. Strategic Partnership - The successful handover strengthens the longstanding partnership between Ten-League and Bachy Soletanche Singapore, reflecting a shared commitment to quality and reliability in infrastructure projects [2][4]. - The CEO of Ten-League emphasized that this collaboration is a significant milestone for the company, enhancing value for shareholders and supporting major infrastructure programs in Singapore [4].

Project Financing - Angola secured $753 million in financing [1] Infrastructure Development - Financing aims to speed up development of the Lobito rail corridor [1] Project Status - The Lobito rail corridor project experienced months of delays, now resolved with financing [1]

Government Initiatives - New Zealand proposes a new planning system to facilitate home construction, farm development, and infrastructure projects [1] - The new system aims to underpin future economic growth [1]

Government Initiatives - Indian government states the new railway line in Kashmir aims to enable the region to benefit from India's strong economic growth [1] Regional Sentiment - Not all Kashmiris are convinced about the benefits of the new railway line [1]

Infrastructure Development - A new railway line was announced to open in the Kashmir Valley [1] - The project is changing the lives of Kashmiris [1]

Industry Overview - Kashmir is known for its high-quality saffron and willow wood [1] Infrastructure Development - A new railway route has been established in Kashmir [1]

Infrastructure Development - A new railway will allow Kashmir to share the beauty of its valley with the rest of the world [1] Potential Impact - The other effects of the new railway remain to be seen [1]