|Bid||15.09 x 1000|
|Ask||15.10 x 1800|
|Day's Range||15.04 - 15.25|
|52 Week Range||12.53 - 27.29|
|Beta (3Y Monthly)||2.17|
|PE Ratio (TTM)||7.45|
|Earnings Date||Feb 21, 2017 - Feb 27, 2017|
|Forward Dividend & Yield||0.20 (1.40%)|
|1y Target Est||22.99|
The plant was required to make several improvements following an agreement with the state Department of Environmental Protection in December 2017.
(Bloomberg Opinion) -- Snatch-and-grab is the new hallmark of Indian finance. As a banker friend in Mumbai put it to me only half-jokingly, a unit of "grabbed" cash collateral in hand is worth more than two units of hypothetical receivables. Yet this is no laughing matter. Not only is opportunistic behavior going to worsen India’s $200 billion-plus bad loan crisis, but now that everyone from the government’s sleuths to the courts are joining the melee, the ensuing chaos will limit the recovery for lenders and threaten depositors. Rajnish Kumar, chairman of State Bank of India, sat down for a chat with me at the Bloomberg Equality Summit in Mumbai this week. He had highlighted the problem last month by blaming what he called the selfishness of one bank for a default by Altico Capital India Ltd., a nonbank lender to property builders. When asked why his HDFC Bank Ltd. had choked Altico by helping itself to the money the shadow financier had raised elsewhere and parked with him, Aditya Puri, the managing director of India’s most valuable lender, replied: “What is out-of- turn? It is my security and I will exercise it.”Now the regulator, the Reserve Bank of India, will decide whether Kumar’s unhappiness is a case of sour grapes or if Puri did indeed cross a line. For State Bank of India, Altico is just one of the several instances where the taxpayer-funded bank has been at the receiving end.SBI didn’t drag tycoon Anil Ambani’s Reliance Communications Ltd. to an in-court bankruptcy process, hoping instead that Ambani would be able to sell assets to his brother Mukesh, India’s richest man, out of court. Ericsson AB, an operational creditor, pursued the opposite strategy and got itself a very decent court-enforced settlement by invoking the younger Ambani’s personal guarantee. More recently, SBI’s Kumar received a fresh blow when India’s enforcement directorate, tasked to fight economic crime, attached the assets of insolvent Bhushan Power & Steel Ltd. on suspicion of money laundering by its previous management. Both the new owner, who won control of Bhushan during bankruptcy, and Kumar, who’s waiting for his check, are impatient. Yet, thanks to the enforcement directorate, the $2.8 billion sale has now been put on hold by an adjudicating authority.ArcelorMittal, too, has also been waiting endlessly to conclude a near-$6 billion purchase of Essar Steel India Ltd., the most keenly watched Indian bankruptcy. There, Kumar and other creditors are facing a legalized version of snatch-and-grab: An appellate authority has held that rights of financial creditors like SBI are no superior to those of unsecured operational creditors.Finance 101 is being turned upside down in India. Take securitization. It got a bad rep during the 2008 subprime crisis, but the reality is that for India’s cash-starved shadow banks to survive, they must package more of their small-ticket loans into securities and sell them on to people like Kumar, who have a more stable source of funding: deposits. How hard is this? A court order is blocking the troubled Dewan Housing Finance Corp., which is seeking a restructuring of its $12 billion liabilities to Kumar and other creditors, from putting cash collected from homeowners into accounts from which holders of its mortgage-backed securities are paid. Six of these bonds were downgraded this week by Moody’s Corp. affiliate ICRA — three of them defaulted. These notes were supposed to perform for investors even if Dewan went bankrupt. Securitization will not lead to a safer financial system in India if this basic tenet is flouted. Small savers may not understand the nuances of high finance, but they’re the ones who feel the pain when a cooperative bank goes up in flames and the regulator puts limits on cash withdrawals. That’s what happened recently after a $1 billion fraud at Punjab & Maharashtra Co-operative Bank. The Reserve Bank is playing with fire. Imagine the consequences if, say, housing societies decide to move money out of smaller institutions and into too-big-to-fail SBI or HDFC Bank. Bailing out even small parts of a large deposit-taking industry will become a headache for Indian taxpayers. A capital-constrained economy like India can’t afford a jungle raj in finance. Only a set of clear rules can end the cash grab by powerful intermediaries and state authorities. Once powerless depositors join in the free-for-all, it will be too late.To contact the author of this story: Andy Mukherjee at firstname.lastname@example.orgTo contact the editor responsible for this story: Patrick McDowell at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Andy Mukherjee is a Bloomberg Opinion columnist covering industrial companies and financial services. He previously was a columnist for Reuters Breakingviews. He has also worked for the Straits Times, ET NOW and Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Is ArcelorMittal (NYSE:MT) a good equity to bet on right now? We like to check what the smart money thinks first before doing extensive research on a given stock. Although there have been several high profile failed hedge fund picks, the consensus picks among hedge fund investors have historically outperformed the market after adjusting for […]
Guinea and Liberia signed a deal on Friday to allow several mines in Guinea, including the giant Nimba iron ore project, to export through Liberia, officials from the West African countries said. The logistics of transporting tonnes of raw materials to port from mining sites in remote parts of Guinea has been a major hurdle for prospective developers of the country's vast mineral wealth. The agreement, which builds on an initial memorandum of understanding signed six years ago, is a victory for U.S.-Canadian investor Robert Friedland's HPX, which last month acquired Nimba, a high-grade deposit in southeast Guinea.
Successful investors are always balancing risk and reward depending on their own personal risk tolerance. One common metric used to gauge risk is price-to-book ratio, or P/B. A company’s book value is ...
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Phoenix Services International LLC and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.
The bottom line is that steel prices are weaker due to global weakness and tepid US demand. President Trump’s trade war has impacted steel prices.
(Bloomberg) -- ArcelorMittal is evaluating a potential sale of some of its iron ore operations, as the world’s biggest steelmaker seeks to cut debt by divesting non-core businesses, people familiar with the matter said.The company is reviewing its iron ore assets in Canada, Brazil and Liberia, the people said, asking not to be identified as the matter is private. ArcelorMittal is speaking with financial advisers about options including selling partial or full stakes in at least some of the assets, according to the people. The Canadian business is the largest and more profitable of the three and could be valued at about $2 billion in any transaction, the people said.ArcelorMittal hasn’t kicked off a formal sale process, and it could decide to keep the operations, the people said. A representative for ArcelorMittal declined to comment. The shares climbed 2.1% to 12.94 euros as of 9:52 a.m. in Amsterdam. European producers have been hit by a slump in demand from the auto industry and competition from cheap imports. That’s also making it hard for them to pass on to customers higher prices for iron ore, a key steelmaking ingredient, that are being stoked by mine closures in Brazil.Divestment PlansArcelorMittal said in August that it has the potential to “unlock” $2 billion from its portfolio in the next two years, signaling plans to sell non-core units. It is exploring a sale of a downstream construction business as it divests peripheral operations, people familiar with the matter said this month.The company is one of the world’s largest iron ore producers, with operations in countries including the U.S., Mexico, Bosnia, Ukraine, and Kazakhstan, according to its website. In 2013, the company sold a 15% stake in its Canadian mining business to a consortium led by Posco for $1.1 billion, data compiled by Bloomberg show.ArcelorMittal’s mines and strategic contracts produced 58.5 million metric of iron ore last year. Its iron ore and metallurgical coal mining operations accounted for about 35% of earnings before interest, taxes, depreciation and amortization in the quarter ended June 30, data compiled by Bloomberg show.The company’s Canadian business produces more than 26 million tons of iron ore concentrate a year, according to its website. It has annual iron ore production capacity of 7.1 million tons in Brazil.ArcelorMittal has struggled for years with its Nimba iron ore operation in Liberia, halting an expansion plan after Ebola devastated the West African country in 2014. It also owns rail and port infrastructure around the mine, which could also be useful for iron ore projects across the border in Guinea being developed by groups backed by billionaire investor Robert Friedland and serial mining dealmaker Mick Davis.(Updates share price in fourth paragraph.)\--With assistance from Elena Mazneva.To contact the reporters on this story: Dinesh Nair in London at firstname.lastname@example.org;Thomas Biesheuvel in London at email@example.com;Vinicy Chan in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Aaron Kirchfeld at email@example.com;Lynn Thomasson at firstname.lastname@example.org;Luzi Ann Javier at email@example.comFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Cleveland-Cliffs Inc. New York, September 20, 2019 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Cleveland-Cliffs Inc. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers.
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of ArcelorMittal and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.
ArcelorMittal notes the publication today on the Italian Official Journal of a decree law adopted by the Italian Government. This decree law amends the so-called Crescita decree law which had removed legal protection pending the implementation of the environmental plan for the Taranto plant. Following its publication, the decree law comes into immediate force, although its permanence is subject to ratification by the Italian Parliament within 60 days. As a result of this development, ArcelorMittal Italia will continue operations beyond 6 September whilst continuing to monitor legal, regulatory and operational developments in relation to the Taranto plant closely in view of its continued viability.
Ukraine's state tax service on Wednesday said no decisions had been made about a probe into ArcelorMittal taxes, dismissing comments by one of its own officials who had said the steelmaker owed the state 9 billion hryvnias ($355 million). Evgen Bambizov, who is listed on the department's website as head of the large taxpayers' office, had spoken to media about an investigation into ArcelorMittal.
The market has been on a wild ride this week, and today won't be much different. But the fact is, there are a number of things going on around the globe that are signaling that a slowdown is underway, trade wars or not.The United Kingdom just announced that its economy has contracted. Germany's manufacturing is weakening. Many European Union nations are back to negative interest rates to spur investment. The United States is still doing all right, but the trade war is starting to have its costs. And if President Donald Trump's administration adds another $300 billion Chinese goods to the war, not even the easiest Federal Reserve policy may help.Adding to this, the U.S. dollar remains the strongest currency out there. And that's not good for multinational corporations or companies that rely on the strength or weakness of the dollar for their products.InvestorPlace - Stock Market News, Stock Advice & Trading Tips * 8 Dividend Aristocrat Stocks to Buy Now No Matter What Below are seven large-cap stocks to get out of your life now, before this all ends up in their next earnings reports. They're all F-rated in my Portfolio Grader. Large-Cap Stocks to Sell: Occidental Petroleum (OXY)Source: Shutterstock Occidental Petroleum (NYSE:OXY) is an integrated energy producer with exploration and production operations in the U.S., Colombia and the Middle East. It recently completed its $55 billion acquisition of Anadarko Petroleum. This deal left Occidental in debt when the company was forced to complete the payment in cash instead of stock. Now OXY has to divest all redundant business to get to the U.S. shale fields Anadarko owned.Add to this a slowing global economy, rising oil inventories and trouble in Venezuela -- Colombia's neighbor -- and you have a lot of headaches ahead.There's a reason OXY stock is off 23% this year and 40% in the past 12 months. FedEx (FDX)Source: Shutterstock FedEx (NYSE:FDX) is the well-known global shipping and logistics business. And it's having a rough go of it because of its far-flung empire.The U.S.-China trade war doesn't help and the strong dollar is a potential double whammy to its business since all revenue derived abroad is worth less when converted back to dollar terms. This is one of the big consequences facing U.S. companies doing business in China, especially now that China has lowered its yuan against the dollar.China's move has also lowered the Singapore dollar as well, since it trades in a close ratio to the yuan. In Europe, Brexit is hurting the British pound and most of the mainland is struggling with negative interest rates as their economies slow. * 10 Cyclical Stocks to Buy (or Sell) Now Add to that FedEx's recent announcement that it's ending its relationship with Amazon (NASDAQ:AMZN) and there's going to be some adjustment in expectations moving forward. Year-to-date, the stock is up less than 2%, and it's down 32% over the past year. Kraft Heinz (KHC)Kraft Heinz (NASDAQ:KHC) became the fifth-largest food company following its 2015 merger. But things haven't gone as expected.Over the past three years, the stock has been on a downward trajectory that at this point seems unstoppable. Kraft and Heinz used to be two bedrock consumer staples companies that owned some of the most iconic brands on supermarket shelves. But times have changed.Younger generations aren't as beholden to those brands and tastes and demographics have changed. As a new wave of non-European immigrants start to show their buying power, ketchup and mac and cheese are not the foundation of comfort foods they once were.While KHC stock still delivers an impressive nearly 5.7% dividend, it doesn't make up for a stock that dropped 34% year-to-date, and 53% in the past year -- as well as 68% in the past three years. Archer-Daniels-Midland (ADM)Source: Shutterstock Archer-Daniels-Midland (NYSE:ADM) is one of the largest publicly traded agricultural companies in the U.S. But this year hasn't been kind to farmers, and thus, to ADM.The latest escalation of the trade war saw China retaliate by swearing off all American agricultural products. Bear in mind, it took many years to establish the previous U.S.-China trade relationship.Now, China has leased land from Russia's far eastern region and is growing its own soybeans there. That isn't just a short-term fix, that's business that U.S. farmers may have lost forever.Add to that the flooding in the spring that made corn planting difficult -- if not impossible -- for Corn Belt farmers. But prices are still low and aren't helping farmers stabilize. The taxpayer-funded aid isn't a long-term solution and hardly covers the expenses many need to keep going. * 5 Cheap Stocks to Buy Now That the Fed Cut Rates ADM stock feels all of this. The stock is off 6% year-to-date and 23% in the past year. ArcelorMittal (MT)Source: Shutterstock ArcelorMittal (NYSE:MT) is the world's largest steel producer. That's usually a good thing, since it can balance between mining operations for iron ore and steel production. But when there's not a lot of growth going on, industrial commodities is the first sector that gets hit.Recently, the prices of iron ore and coking coal -- the two main inputs in steelmaking -- have risen, making steel even more expensive to produce. Add to that waning demand and it's hard to make a buck.MT stock's second-quarter earnings tell the story. The company lost nearly $500 million in Q2 after writing down almost $1 billion in impairments. With growth projections falling around the world and the dollar strong, it's not a good place to be right now.Off 30% year-to-date and 52% in the past year, MT stock is not a good choice now or in the near future. AbbVie (ABBV)Source: Shutterstock AbbVie (NYSE:ABBV) owns the world's most profitable prescription drug, Humira. Now, Humira became off-patent in 2016, but you wouldn't know that from the sales. Advertising for the drug also continues unabated. Why? Because ABBV went to court in both the U.S. and E.U. to fight to keep biosimilars, drugs that are nearly identical, out of the market for another seven years.And while the case made its way through courts over a couple years, E.U. courts allowed biosimilars to remain on the market through late 2018. The U.S. courts gave Humira its dominance (and pricing power) until 2023.While AbbVie has a stable of solid drugs out there, it's hard not to see Humira as its chief breadwinner. And that status is waning. Add to this threats from U.S. consumers and politicians to transition to a more consumer-focused healthcare system where prescription drug cost prices will be better negotiated. * 10 Stocks to Buy on the Trade War Dip This is all part of the reason why AbbVie recently offered to buy out Allergan (NYSE:AGN) for a whopping $63 billion. However, that deal has yet to get approved, and it will take a while to assimilate the acquisition if it does.All of these are real risks. Ryanair (RYAAY)Source: Shutterstock Ryanair (NASDAQ:RYAAY) is the world-renowned, low-fare airline of Europe. While plenty of people have tried before to capture that market, RYAAY has had the most enduring success.But, the airline has come up against an immovable force that may not spell doom for the company, but certainly has chilled investors' enthusiasm. The airline has had to suspend about 30,000 flights because it was a big customer for Boeing's (NYSE:BA) 737 MAX 8 planes. When that model was taken out of the sky, it impacted many airlines. But RYAAY got hit significantly, since its entire business is ferrying people around Europe for bargain prices.It can't expand service now and the savings new jets would bring in efficiencies are no longer there. Those 30,000 flights represent five million passengers. Ryanair also has to cut back operations at airports and close some of its hubs.This is a significant disruption to an airline that was already running a business on thin margins and high volume. And there's still no sign when the airplanes will be cleared for take off.Off 13% year-to-date and 38% in the past 12 months, this stock is going to have trouble achieving cruising altitude for some time.Louis Navellier had an unconventional start, as a grad student who accidentally built a market-beating stock system -- with returns rivaling even Warren Buffett. In his latest feat, Louis discovered the "Master Key" to profiting from the biggest tech revolution of this (or any) generation. Louis Navellier may hold some of the aforementioned securities in one or more of his newsletters. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 8 Dividend Aristocrat Stocks to Buy Now No Matter What * 7 Stocks to Buy to Ride the Vegan Wave * 4 Safe Stocks to Buy Amid Trade War Turbulence The post 7 Large-Cap Stocks to Sell Right Now appeared first on InvestorPlace.
ArcelorMittal's Ukrainian steel mill, charged with violating environmental standards, will invest $1.8 billion over the next five years to reduce air emissions by 50-55 percent, the company said on Thursday. The decision to invest in the plant's modernisation followed a meeting with Ukrainian President Volodymyr Zelenskiy and his officials, it said in a statement. The plant's acting head Oleksandr Ivanov said the investigation had started after Zelenskiy publicly criticised pollution levels in mid-July when speaking to officials in his hometown of Kryvyi Rih, where the mill is based.
Italy's ruling coalition is set to offer ArcelorMittal, the world's largest steelmaker, legal guarantees to ensure that it does not shut down the Ilva plant it bought last year, a government source told Reuters on Wednesday. In late June, the Italian parliament revoked the legal immunity that ArcelorMittal received as part of its purchase of the heavily polluting steel plant, Europe's largest, which it promised to bring up to required environmental standards.
2 August 2019, 19:30 CET- ArcelorMittal has today published its half-year report for the six-month period ended 30 June 2019. The report is available on http://corporate.arcelormittal.com/ under Investors Financial reports Half-year reports, and on the electronic database of the Luxembourg Stock Exchange (www.bourse.lu/). The report has also been filed on Form 6-K with the U.S. Securities and Exchange Commission (SEC) and is available on http://corporate.arcelormittal.com/ under Investors Financial reports SEC filings.