MT - ArcelorMittal

NYSE - NYSE Delayed Price. Currency in USD
16.76
+0.18 (+1.09%)
At close: 4:02PM EDT
Stock chart is not supported by your current browser
Previous Close16.58
Open16.50
Bid16.76 x 4000
Ask16.77 x 900
Day's Range16.44 - 16.89
52 Week Range14.66 - 32.93
Volume2,730,176
Avg. Volume3,146,368
Market Cap17.288B
Beta (3Y Monthly)2.38
PE Ratio (TTM)3.91
EPS (TTM)N/A
Earnings DateN/A
Forward Dividend & Yield0.20 (1.18%)
Ex-Dividend Date2019-05-16
1y Target EstN/A
Trade prices are not sourced from all markets
  • Financial Times2 days ago

    Zelensky’s political novices shake up Ukraine election battle

    Two metres tall and barrel-chested, Yuriy Koryavchenkov draws plenty of attention on the streets of Kryviy Rih. Not only is the tough Ukrainian mining town Mr Koryavchenkov’s home turf, it is also where the actor and longtime collaborator of new president Volodymyr Zelensky is taking his own first steps into politics. Three months ago Mr Zelensky capitalised on widespread anti-establishment sentiment and converted a public profile as an actor — he played a fictional president on Ukrainian television — into a stunning real-life election win over incumbent Petro Poroshenko.

  • Bloomberg2 days ago

    India's Bankruptcies Get a Dose of Common Sense

    (Bloomberg Opinion) -- At last, India’s in-court bankruptcies will show some urgency and common sense. On Wednesday, the government said it would amend the 2016 insolvency law, a signature reform of Prime Minister Narendra Modi’s first term. Investors will cheer.The legislation was getting mired in frustrating legal delays and bizarre judgments, threatening to scare off global investors from a $200-billion-plus bad-debt cleanup. The last straw was the recent order by the insolvency tribunal judges in the $6 billion sale of Essar Steel India Ltd. to ArcelorMittal. The judges ruled that secured creditors would have no seniority over unsecured creditors and suppliers. As I have noted, the order would have reduced an assured 92% recovery rate for financial lenders to just 61%. While it has already been appealed by State Bank of India and other lenders in India’s Supreme Court, it’s helpful that the government has decided to get off the sidelines. If the top court had upheld the tribunal’s verdict – on the grounds that the law wasn’t clear about how sale proceeds would be divided – banks would have had to kiss goodbye to substantial recoveries, step up bad-loan provisions and push more salvageable debtors into liquidation, leading to unnecessary job losses. New Delhi had no option but  to step in before the July 22 court hearing. The tweak it proposes “to fill critical gaps in the corporate insolvency resolution process” will explicitly hand power over distribution of proceeds to creditors’ committees. That should return some common sense to a process that would have required financial creditors to share the money from any new buyer of a bankrupt business equally with sundry suppliers and other unsecured lenders. As for urgency, delay tactics by large business families loath to lose their prized assets have pushed bad-debt resolutions such as Essar to more than 600 days; the intent was to wrap up cases in 270 days. Now the Modi government wants the clock to keep ticking even during appeals. Cases have to be admitted speedily and concluded in 330 days flat. It’ll be interesting to see if India’s overburdened judiciary can actually dispose of legal challenges in 60 days. The good news is that any branch of the government, or any tax authority, won’t be able to hold up in-court bankruptcies to recover their dues. Mergers and de-mergers can also be considered alongside outright sales, allowing creditors to extract the most value from unworkable capital structures.Homebuyers, who get equal recognition under the bankruptcy law as financial lenders, are now on creditors’ committees of builders that have gone belly up without delivering the homes they took payments for. Yet having a large and dispersed class of creditors weigh bids from buyers was leading to stalemates. The government is now proposing to streamline the decision-making: If half(1) of the creditors present and voting say yes, plans will move forward. Those not in favor will receive what they would’ve gotten – according to seniority – in liquidation. The changes are bold, practical and badly needed for India to turn the page on a brutal and long downward phase in its credit cycle. Three out of four of the economy’s engines – private investment, consumption and exports – have stalled, while government spending, the overworked last option, is sputtering. Amending the bankruptcy code won’t revive animal spirits overnight, but it would at least prevent a bad situation from getting indefinitely worse.(1) By value of claims.To contact the senior editor responsible for Bloomberg Opinion’s editorials: David Shipley at davidshipley@bloomberg.net, .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.

  • A Dangerous Debt Ruling in India
    Bloomberg4 days ago

    A Dangerous Debt Ruling in India

    (Bloomberg Opinion) -- India’s insolvency tribunal has made a dangerous decision. Unless its judgment is quashed, credit costs for India Inc. will surge, shares of state-run banks will swoon and foreign investors will flee.The case concerns the country’s most high-profile bankruptcy, Essar Steel India Ltd. Insolvency judges recently ruled that creditors whose claims are backed by collateral won’t get preferential treatment in the $6 billion sale of the company’s plant to ArcelorMittal. Secured creditors will stand in line with unsecured creditors.This isn’t how it works anywhere in the world, and for good reason. In loans backed by collateral, the lender expects to be paid first out of bankruptcy proceeds. That’s why they accept a lower interest rate than unsecured creditors in the first place. For unsecured lenders to receive any of their money back, there must be something left over after paying the secured creditors.Of the many twists and turns taken in the Essar bankruptcy, this is the most damaging. India has been attracting foreign distressed-debt specialists to help clean up its $200 billion-plus of bad loans. The ruling, if it survives, may kill that trend.Under an agreement with the Essar creditors’ committee, ArcelorMittal’s offer would have made secured financial lenders more than 90% whole. While that’s a good recovery rate, it’s less than 100%, meaning unsecured operational lenders should have had to go empty-handed. In the insolvency judges’ view, though, the committee has no role to play in distributing the sale proceeds. While collateral gives seniority in a liquidation, everyone’s equal in a bankruptcy resolution. Or so the judgment says. As a result, financial creditors will see their take shrivel to 60.7% of claims, while that of the operational creditors will swell to the same level.Those who can expect a bigger share include Standard Chartered Plc, which was complaining about being offered less than 2% of its claim after lending to an Essar Steel subsidiary. Energy companies, power utilities, and even the state tax officer will have the same rank. All operational creditors, who were going to get nothing,(1) will be on a par with State Bank of India and other financial creditors.Consider the implications for future Indian deals. If a secured creditor sells to a distressed-debt specialist, the investor will have overpaid thinking its claim would get settled first and that it would make, say, 40 cents on a 20-cent investment. That won’t happen if the bounty is to be shared much more widely, restricting the payout to, say, 10 cents.State Bank of India, which was expecting full recovery of its 110 billion rupees ($1.6 billion) debt just a few months ago, has approached India’s Supreme Court to overturn the ruling. Hong Kong-based investor SC Lowy also wants to appeal the decision. If the verdict isn’t quashed, credit costs will skyrocket at a time when Indian real-estate developers can’t even borrow at 20%.Borrowers will be willing to pledge assets, but which creditor will be able to put any value on them? Banks will steer most bankruptcies toward liquidation, leading to unnecessary job losses and higher loan-loss provisions in a capital-starved financial system. Global distressed-debt investors have been placing small bets in India, often by standing behind asset reconstruction firms. Now they’ll be unable to price the Indian opportunity.The Essar saga has already gone on for more than 600 days, when the original legal limit was 270 days. Since the billionaire Ruia family that founded Essar didn’t want to cede its crown jewel to ArcelorMittal, an intense legal skirmish was unavoidable. But if India’s 2016 bankruptcy law ends up making matters worse, then the signature reform of Prime Minister Narendra Modi needs an urgent overhaul.The Modi government, now in its second five-year term, is so desperate to ease the country’s financing crunch that it’s even willing to sell sovereign dollar debt, something India has always avoided. To seek capital from risk-averse pension funds while simultaneously repelling risk-loving private equity and vulture funds is an unfortunate distortion of priorities. (1) Only tiny suppliers were going to see any of Mittal's money.To contact the author of this story: Andy Mukherjee at amukherjee@bloomberg.netTo contact the editor responsible for this story: Matthew Brooker at mbrooker1@bloomberg.netThis 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.

  • ArcelorMittal (MT) Declares Pricing of Notes Due 2024 & 2029
    Zacks5 days ago

    ArcelorMittal (MT) Declares Pricing of Notes Due 2024 & 2029

    ArcelorMittal (MT) to use the proceeds of nearly $1.2 billion for general corporate purposes.

  • Financial Times10 days ago

    ArcelorMittal South Africa looks to slash 2,000 jobs

    ArcelorMittal’s South African business is considering slashing more than 2,000 jobs in a large-scale restructure as it warned that its half-year earnings would fall. The company expects headline earnings for the period to decrease by at least 650m rand ($45.78m), plunging it into a loss and resulting in a decrease in earnings per share of at least 59 cents, according to a trading statement released on Wednesday. The news comes amid a backdrop of a faltering economy in South Africa, which has suffered its most severe quarterly slump in a decade, ratcheting up pressure on President Cyril Ramaphosa to revive the continent’s most industrialised country.

  • ArcelorMittal South Africa to cut more than 2,000 jobs, shares drop
    Reuters10 days ago

    ArcelorMittal South Africa to cut more than 2,000 jobs, shares drop

    The South African arm of steelmaker ArcelorMittal expects to plunge to a first-half loss and cut more than 2,000 jobs as it struggles with cheap imports, rising costs and a flagging local economy, it warned on Wednesday. Shares in the company, majority-owned by ArcelorMittal, dropped more than 10% after it said previous initiatives to reduce costs had proved insufficient and so it was contemplating a "large-scale" restructuring. ArcelorMittal South Africa, which has for some time complained about cheap imports eating into its business, said ongoing challenges in the steel industry as well as a weak South African economy had hit its performance.

  • ArcelorMittal South Africa to Cut 2,000 Jobs
    Bloomberg10 days ago

    ArcelorMittal South Africa to Cut 2,000 Jobs

    (Bloomberg) -- ArcelorMittal South Africa Ltd. may cut more than 2,000 jobs as part of a widespread restructuring to cut costs. The shares plunged.South Africa’s steel industry is suffering from high costs for electricity and raw materials, and has been hit by the weak local economy, the company said in a statement on Wednesday. It expects to report a loss in the first half and said earnings excluding some items will fall by at least 650 million rand ($45.8 million).“Due to the difficult domestic economic environment, the South African steel industry continues to face significant challenges,” the company said. "More significant measures have become necessary, including the review of staffing levels."The shares tumbled as much as 17%, the biggest intraday drop in 14 months. The stock was down 10% as of 10:19 a.m. in Johannesburg.The company is majority owned by ArcelorMittal, which ranks as the world’s biggest steelmaker and has been struggling with weaker demand and lower steel prices in its key markets. It announced output cuts in Europe last month as the market came under pressure, with U.S. tariffs deflecting shipments to the EU and higher iron ore prices boosting costs.To contact the reporter on this story: Lynn Thomasson in London at lthomasson@bloomberg.netTo contact the editors responsible for this story: Lynn Thomasson at lthomasson@bloomberg.net, Nicholas LarkinFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • BASF and America’s Farmers Sound the Climate Change Alarm
    Bloomberg11 days ago

    BASF and America’s Farmers Sound the Climate Change Alarm

    (Bloomberg Opinion) -- Corporate bellwethers aren’t an infallible guide to the state of the global economy, but we still need to pay attention to what these canaries in the business coalmine are telling us. Monday night’s profit warning from Germany’s BASF SE, the world’s largest chemical company, is alarming on two counts.First, it shows that industrial demand remains very weak. That might mean we’re much nearer to the end of this long economic upswing than record-breaking stock markets would have you think. Second, extreme weather – in this case the torrential rains that have disrupted the U.S. growing season and hurt demand for crop chemicals – is adding to the pain for big companies. Our changing climate is starting to take a toll on profit.BASF’s shares tumbled almost 6 percent on Tuesday, dragging down chemical stocks and spreading unease in the financial markets. Indeed, the chemicals group is hardly alone in its gloominess. In logistics, FedEx Corp. and the shipping giant AP Moller-Maersk A/S have sounded worried about global trade lately, while the ball-bearings maker Schaeffler AG says the coming months will be tough for the car sector. ArcelorMittal’s steel production cuts in Europe aren’t encouraging either. No wonder sentiment is so febrile.After a difficult 2018, BASF had been fairly optimistic about 2019. Not any more. Now it expects sales to decline slightly this year, while operating profit could fall by as much as 30 percent.Investors were anticipating a poor second quarter – the hedge fund Marshall Wace even built up a big short position – but BASF’s guidance cut suggests this will be more than a brief dip.The company is doing what it can to support its earnings and balance sheet. It is cutting 6,000 jobs and has put its construction chemicals division up for sale. Until industrial demand recovers, though, investors will question its ability to generate enough cash to sustain its shareholder payouts. BASF is committed to increasing its dividend every year, but the rather high 5.4% yield (the last dividend divided by the share price) shows the doubts in the market.Most investors will focus on the comments about the global economy, but the warning about extreme weather is equally unnerving. Last year, low water levels on the Rhine reduced BASF’s profit by 250 million euros. This year, the company is struggling because heavy rainfall across the American Midwest has severely hampered the planting of important crops, and hence reduced demand for chemical crop protection products.The 12 months to May this year were the wettest in the U.S. since records began in 1895. With hotter temperatures, evaporation and the water-holding capacity of the air increases so there’s more heavy rain in some places. A rapidly warming climate and rapidly cooling economy should make investors feel very queasy.To contact the author of this story: Chris Bryant at cbryant32@bloomberg.netTo contact the editor responsible for this story: James Boxell at jboxell@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Chris Bryant is a Bloomberg Opinion columnist covering industrial companies. He previously worked for the Financial Times.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • Top 10 Indian Entrepreneurs
    Investopedia12 days ago

    Top 10 Indian Entrepreneurs

    India is the world's largest democracy and its economy has been growing rapidly over the past few decades. As a country, it also holds the second-largest native population behind China. Not surprisingly, India has produced a number of billionaire businessmen and businesswomen.

  • New Strong Sell Stocks for July 5th
    Zacks15 days ago

    New Strong Sell Stocks for July 5th

    Here are 5 stocks added to the Zacks Rank 5 (Strong Sell) List today

  • Why Shares of Nucor, Steel Dynamics, and ArcelorMittal Jumped 15% or More in June
    Motley Fool16 days ago

    Why Shares of Nucor, Steel Dynamics, and ArcelorMittal Jumped 15% or More in June

    There was a lot going on for these steelmakers, as well as for U.S. Steel and AK Steel, and it all added up to investor relief and higher stock prices.

  • Court rejects plea against ArcelorMittal's bid for Essar Steel
    Reuters16 days ago

    Court rejects plea against ArcelorMittal's bid for Essar Steel

    The National Company Law Appellate Tribunal (NCLAT) rejected on Thursday a petition challenging ArcelorMittal SA's proposed takeover of debt-ridden Essar Steel, removing a hurdle in billionaire Lakshmi Mittal's entry into the country's fast-growing steel market. The NCLAT said that the Supreme Court had already cleared the takeover bid and therefore it could not consider the appeal by Essar's founders Shashi Ruia and Ravi Ruia, lawyer Ravin Kapur said.

  • ArcelorMittal's $6 Billion Essar Steel Buy Gets Court Nod
    Bloomberg16 days ago

    ArcelorMittal's $6 Billion Essar Steel Buy Gets Court Nod

    (Bloomberg) -- An Indian court allowed ArcelorMittal’s $6 billion purchase of a bankrupt steel company, paving the way for tycoon Lakshmi Mittal to enter the world’s second-biggest market. Shares of Arcelor advanced in Amsterdam.The National Company Law Appellate Tribunal rejected petitions challenging the sale by the lenders and founders of Essar Steel India Ltd. and modified the distribution of the proceeds, saying the money has to be shared proportionately.“Financial creditors being claimants at par with other claimants cannot distribute the amount in favor of themselves," and the distribution of funds must be decided by an insolvency administrator or the resolution professional, Justice S. J. Mukhopadhaya said.The decision, which can still be challenged in India’s top court, could end Arcelor’s year-long legal battle for the steel plant. The acquisition would make Mittal the fourth-biggest producer in a nation where the government is investing trillions of rupees in infrastructure. The payout is also being keenly watched by foreign exchange traders, who are expecting an inflow of dollars into India due to the transaction.Rupee GainsShares of Arcelor rose for the first time in three days, jumping as much as 2.6% after the court approved the deal. The rupee rose to its highest level against the dollar in three months.”We are awaiting the detailed order and will decide our course of action thereafter," an Essar Group spokesperson said.A lower court had earlier approved Arcelor and its partner Nippon Steel Corp.’s offer to pay 420 billion rupees in cash to creditors and pump in another 80 billion rupees in the mill. That ruling was challenged by Standard Chartered Plc, which said the division of the payout among lenders was discriminatory, while founder Prashant Ruia questioned Arcelor’s eligibility to buy the company. The court had earlier rejected a late offer by Essar Steel’s founder Ruia family to settle all dues.Distribution of FundsThe panel of creditors, led by the State Bank of India, had rejected a proposal for higher payment to Standard Chartered. In the skirmish between the banks, the top court had in April ordered a temporary halt on Arcelor making a payment and asked the bankruptcy court to decide the issue.In Thursday’s ruling, the court said there can’t be discrimination against financial creditors like Standard Chartered during the distribution of funds and that all financial lenders will get 60.7% of their claims. Operational creditors, or suppliers to the plants, will also get around 60% of their claims on a pro rata basis, it said. Financial creditors will get 300 billion rupees of Arcelor’s 420 billion rupee payment, while suppliers and employees will get the rest.The tribunal also rejected a request by the panel of creditors to put the order on a temporary hold to give them time to challenge the ruling in the top court.(Updates with Arcelor share move in fifth paragraph.)\--With assistance from Swansy Afonso and Subhadip Sircar.To contact the reporter on this story: Upmanyu Trivedi in New Delhi at utrivedi2@bloomberg.netTo contact the editors responsible for this story: Unni Krishnan at ukrishnan2@bloomberg.net, Alpana SarmaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Where India Can Find a Cool $1 Trillion
    Bloomberg16 days ago

    Where India Can Find a Cool $1 Trillion

    (Bloomberg Opinion) -- India will need $1 trillion of infrastructure investment to nudge annual GDP growth higher by just half a percentage point in Prime Minister Narendra Modi’s second five-year term. Of this, at least 55% will have to come from public resources. Where’s the money?Those figures from an analysis by the Confederation of Indian Industry are the No. 1 challenge for Nirmala Sitharaman as the country’s new finance minister gets ready to present her first annual budget on Friday.While the scale of investment isn’t very different from what India spent in the past five years, the sorry state of corporate balance sheets makes it doubtful whether the private sector can put up its projected 45% share. Besides, the economy is in dire straits, regardless of the near-7% GDP growth portrayed by disputed government statistics.From consumption and private investment to exports, no cylinders are firing. Government spending is therefore the only hope. But Sitharaman is in a tight corner. It doesn’t help that revenue from a goods and services levy, India’s biggest tax innovation of recent times, continues to disappoint two years after its introduction by her predecessor, Arun Jaitley.With health, education and other government services also needing more money, the scope to free up funds by cutting public expenditure simply doesn’t exist. Nor is borrowing an option. Annual federal deficits can’t go much higher than $100 billion; borrowing by the public sector is already cornering resources equal to 8% of the economy even as the household sector barely manages to save 9% to 11% of GDP in financial assets.It’s what economists call a classic “crowding out” of the private sector. India Inc. is clamoring for lower costs of capital, but the level of public debt is keeping them elevated. Cuts in the central bank’s short-term policy rates can’t be passed on to private companies if they’re not even reducing the government’s long-term borrowing costs as much as they should. Besides, a shadow-banking crisis has made lenders mistrustful of the private sector’s solvency, especially for debtors that have anything to do with comatose real estate. That’s one more reason why inflation-adjusted borrowing costs are 5%-plus.A consensus is building around the idea that Sitharaman’s best option is to recycle public assets, something that Australian states such as New South Wales have successfully achieved with power grids and other assets. After Modi’s resounding election victory in May,  I wrote that India now has structures like Infrastructure Investment Trusts and a toll-operate-transfer model that it can use to monetize cash-generating toll roads, ports, airports and power plants. “The proceeds from these sales can be used in the creation of new assets,” economists at HSBC Holdings Plc said in a recent report. “As such, the same pot of money is recycled several times over, without endangering the fiscal deficit, and yet upgrading India's infrastructure.”Should Sitharaman take this road, she’ll find plenty of interest among investors such as Canada’s Brookfield Asset Management Inc., Australia’s Macquarie Group Ltd. and Singaporean sovereign wealth fund GIC Pte. India’s own National Investment and Infrastructure Fund, which is 51% private-owned, can be a powerful vehicle for mobilizing global interest.This is the right time. As much as $13 trillion of global debt now offers negative yields. Ten-year U.S. Treasuries yield less than 2%. If ready-made Indian infrastructure can offer dollar returns in the high single digits, it’ll get lapped up by yield-hungry investors.There are caveats, though. Although existing projects will carry no or little construction risk, they would be exposed to future regulatory uncertainty. Only risks that can be priced should be passed on to new owners. Moreover, it will be important for India to auction assets in a manner that leads to fair outcomes. Adani Enterprises Ltd. was the highest bidder for six functioning regional airports, leading one to wonder why others failed to see the value that it did. (India’s cabinet approved leasing three of those airports to Adani on Wednesday; a government spokesman refused to comment on approval for the remaining three.)  In a way, India’s 2016 insolvency law was also a recycling mechanism, albeit for corporate assets trapped under unsustainable debt. There was much hope that bankruptcies would attract global buyers. Those that did come – such as  ArcelorMittal and  Bain Capital – got a bruising legal ordeal. With $1 trillion required to build new infrastructure, India can’t afford similar bungling when it comes to state assets. That’s something Sitharaman should keep in mind. To contact the author of this story: Andy Mukherjee at amukherjee@bloomberg.netTo contact the editor responsible for this story: Matthew Brooker at mbrooker1@bloomberg.netThis 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.

  • Spotlight on Trump’s Tariffs: Steel Industry’s Key Metric Fell
    Market Realist17 days ago

    Spotlight on Trump’s Tariffs: Steel Industry’s Key Metric Fell

    Steel production fell 1.2% on a weekly basis in the week ending June 29. The US steel industry’s capacity utilization rate fell to 79.5%.

  • US Steel Industry Outlook: Will June’s Momentum Continue?
    Market Realist19 days ago

    US Steel Industry Outlook: Will June’s Momentum Continue?

    The US steel industry had a somber start to the year, and the sell-off only deepened as the year progressed.

  • Italian Premier Wants New Europe Chief to Review Budget Rules
    Bloomberg21 days ago

    Italian Premier Wants New Europe Chief to Review Budget Rules

    (Bloomberg) -- Italy wants the next chief of the European Commission to be ready to review the bloc’s budget rules, just as the country is embroiled in a tussle with Brussels over its huge debt pile.“Italy is working to promote as next European Commission chief a personality of great depth who cares about social equity but is also able to review Europe’s governance rules,” Prime Minister Giuseppe Conte told reporters at the G-20 summit in Osaka, Japan. European nations should decide on the bloc’s top jobs together, he said.Conte’s cabinet meets Monday to approve a budget update as part of Italy’s efforts to avoid a penalty from Brussels over its failure to rein in debt. That endeavor is being jeopardized by divisions within the ruling coalition, with Deputy Prime Ministers Matteo Salvini and Luigi Di Maio clashing over Salvini’s push to slash taxes.“I expect Europe will have a positive judgment on our update, I’m confident on this,” Finance Minister Giovanni Tria told reporters in Osaka.Conte also reiterated his confidence in a positive outcome from talks with the European Commission, to avert the so-called excessive deficit procedure. He reaffirmed that the 2019 deficit will be at 2.1%. Both he and Tria have pledged that the country will respect European Union budget rules.The prime minister was also asked about ArcelorMittal’s steel plant in Taranto, Europe’s biggest, which risks being shut down after Italy passed a decree that tightens environmental regulations.ArcelorMittal has said it would be impossible to operate the site beyond Sept. 6 should the decree deprive it of criminal immunity before a cleanup upgrade is completed in 2023.“Arcelor’s plan in Italy can’t be based on a rule waiver,” Conte said.ArcelorMittal has pledged to invest almost 2.4 billion euros ($2.7 billion) in its Italian operations as it returns the former Ilva plant’s three blast furnaces to profit and roughly doubles steel output by 2023.\--With assistance from Gregory Viscusi.To contact the reporters on this story: Daniele Lepido in Milan at dlepido1@bloomberg.net;Alessandro Speciale in Rome at aspeciale@bloomberg.netTo contact the editors responsible for this story: Rebecca Penty at rpenty@bloomberg.net, Amanda Jordan, James AmottFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Italy's Di Maio says Arcelor, Atlantia are 'blackmailing government'
    Reuters22 days ago

    Italy's Di Maio says Arcelor, Atlantia are 'blackmailing government'

    Italy's industry minister has accused two big companies - transport group Atlantia and steelmaker ArcelorMittal - of trying to blackmail the government, escalating a war of words which big business says could scare investors. Thousands of jobs could be at risk if the government followed through on threats to punish the two groups in the name of workers. Atlantia, controlled by Italy's Benetton family, risks losing its domestic motorway concession, which accounts for a third of its core profit, after the deadly collapse of a motorway bridge it operated in Genoa.

  • 7 F-Rated Stocks to Sell for Summer
    InvestorPlace22 days ago

    7 F-Rated Stocks to Sell for Summer

    We're halfway through the year at this point and while things aren't looking awesome, they look pretty good.Consumer spending continues to rise, inflation remains low and even the trade war hasn't seeped into the economy too much.So, why am I looking at seven F-rated stocks to sell for summer? Because all this balances on a pin.InvestorPlace - Stock Market News, Stock Advice & Trading TipsThere are signs the economy is slowing. Interest rates are low because the global economy isn't moving. And that's bad for financial stocks. Their margins get hurt when rates drop and if it's not made up in volume, it's bad news.A weaker dollar also means energy prices fall. Even tensions with Iran can't get oil over $60 a barrel. And a lingering or expanding trade war with China may soon start to show up more in the broader economy. It's already hitting small businesses and farmers, but we don't see it in the stock market yet. * 7 Stocks on Sale the Insiders Are Buying That's why it's important to hold quality stocks and cull the weak. And there's no better time than now, while the market is happy. Schlumberger Ltd (SLB)Source: Nestor Galina via FlickrSchlumberger Ltd (NYSE:SLB) is the world's largest oil and gas support company. It does everything from characterizing fields to supplying the drills and equipment for all manner of drilling and production operations.It has been around since 1926, and has a $49 billion market cap, so it's not a flash in the pan. But the stock is off 41% in the past 12 months, so its 5% dividend and strong reputation don't mean much right now.When the economy slows -- not only in the U.S., but around the world -- it means energy demand slows. And that means a reduction in exploration as well as a slowdown in production on operating wells.SLB is a flagship company in the energy sector and it illustrates the cyclical nature of the energy market better than many stocks in the sector. The continued weakness is a much greater threat now than any upside potential. FedEx (FDX)FedEx (NYSE:FDX) is one of the world's top logistics companies. And in the age of e-commerce, it should be a very good sector to be in.Then why is the stock off 28% in the past year?Well, as e-commerce accelerates, it means more companies jump in the game. Rising competition means it's tougher to grow market share without hurting margins.Then there's the global economy. The China trade war is starting to affect FDX's business and it's helping Chinese rivals grow their market base while U.S. firms are minimized. * 10 Small-Cap Stocks That Look Like Bargains Finally, there are the big e-commerce companies, such as Amazon (NASDAQ:AMZN). Even the disruptor, AMZN, is now looking to build out its own logistics company so it can better control its delivery services and improve its cost structures. ArcelorMittal (MT)Source: Shutterstock ArcelorMittal ADR (NYSE:MT) is the top global steel producer with strategic operations around the world. It also produces coal for energy and industry.When you're a global player, it diversifies risk to a certain extent, unless the global economy is in a tough spot. Or, like what's happening now, major global markets are going through separate issues.The U.S. has adopted tariffs as its trade weapons of choice, so steel tariffs in NAFTA countries has hampered trade there. In Europe, MT has closed numerous plants because demand is low across the region as the economy limps along and the Brexit is still an open wound.In Asia, the China-U.S. trade war is affecting MT, since its China sales have slowed.Simply put, demand is down and even where there is a market, it's hard to sell at decent prices. It's no surprise it's off 38% in the past year and more downside is a distinct possibility. CenturyLink (CTL)Source: Caden Crawford via FlickrCenturyLink Inc (NYSE:CTL) is a U.S. telecom that operates in smaller markets and focuses on consumer and business phone, VPN and similar communications options.It is isolated from any trade war issues and has a bountiful 8.6% dividend.So, what's the problem?Well, one of its biggest problems is because it operates outside dense areas when the big telecoms and cable firms operate, it doesn't have the kind of customer density to generate a lot of cash. That cash is usually used to upgrade copper or fiber optic cable for up-selling customers.And where it does compete with the bigger players, its services can't match the power or variety at competitive prices. In the age of mobility, it's working with an antiquated model that only works because its customer base has few options. * The 7 Top Small-Cap Stocks Of 2019 Off more than 37% over the past 12 months, its big yield matters little. Teva Pharmaceuticals (TEVA)Source: Open Grid Scheduler (Modified)Teva Pharmaceuticals (NYSE:TEVA) has had a rough go of it over the past few years. And things aren't getting much better.The Israel-based pharma company was one of the world's leading generic drug makers, with its biggest business in the U.S. But that business began to slide in 2016 as competitors moved into the space.Its CEO at the time seemed to be asleep at the wheel and by the time the company moved to right the ship, it was almost too late. By 2017, a new CEO was brought in and immediately cut $3 billion in costs -- a third of its current market cap -- and 1,350 workers in Israel.And that has barely staunched the bleeding. Now, its exposure to opioid lawsuits puts it in even more danger of paying out significant sums.The stock is off 82% in the past three years, 62% in the past year and more than 40% year-to-date. Its once-generous dividend is non-existent. Schneider National (SNDR)Source: Shutterstock Schneider National (NYSE:SNDR) is a decent-sized trucking, intermodal and logistics company that has been around since 1935, based out of Green Bay, Wisconsin.Dow Theory is a classic market view that basically states that you can tell the broad trend in the markets by following the relationship of industrial stocks to transportation stocks.If the transports are strong, it indicates that goods are leaving factories for customers that are demanding more goods. If the transports are weak and industrials are strong, it means demand is weakening and industrials are sitting on inventory. * 10 Small-Cap Stocks That Look Like Bargains We're seeing the latter play out today. SNDR is down just 2.7% YTD, but 33% in the past 12 months. The trade war with China will not help, nor will a weakening economy. Golar LNG (GLNG)Source: Shutterstock Golar LNG Ltd (NASDAQ:GLNG) is an liquefied natural gas (LNG) shipping company.This should be a golden age for LNG companies shipping out of the U.S. to energy-hungry countries that are willing to pay multiples for LNG rather than the domestic U.S. price.The only problems are, the trade war with China has shut off deliveries there. Trade tensions with Japan have slowed deliveries. And Europe's economy is barely conscious. Plus, domestic U.S. demand is low.This is reflected in last week's announcement that natural gas prices fell below the record lows in May 2016. The longer all these issues continue, the worse it will get for Golar. Plus, it's going to take a while before any good news can lift the stock.Off nearly 20% YTD and 40% in the past year, its 3.4% dividend adds little attraction in current conditions.Louis Navellier is a renowned growth investor. He is the editor of four investing newsletters: Growth Investor, Breakthrough Stocks, Accelerated Profits and Platinum Growth. His most popular service, Growth Investor, has a track record of beating the market 3:1 over the last 14 years. He uses a combination of quantitative and fundamental analysis to identify market-beating stocks. Mr. Navellier has made his proven formula accessible to investors via his free, online stock rating tool, PortfolioGrader.com. 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 * The 7 Top Small-Cap Stocks Of 2019 * Critical Levels to Watch in 7 Marijuana Stocks * 5 Smaller Cloud Stocks That Have Plenty of Potential Compare Brokers The post 7 F-Rated Stocks to Sell for Summer appeared first on InvestorPlace.

  • Italy's Di Maio says Arcelor, Atlantia are 'blackmailing govt'
    Reuters22 days ago

    Italy's Di Maio says Arcelor, Atlantia are 'blackmailing govt'

    Italy's industry minister has accused two big companies - transport group Atlantia and steelmaker ArcelorMittal - of trying to blackmail the government, escalating a war of words which big business says could scare investors. Thousands of jobs could be at risk if the government followed through on threats to punish the two groups in the name of workers. Atlantia, controlled by Italy's Benetton family, risks losing its domestic motorway concession, which accounts for a third of its core profit, after the deadly collapse of a motorway bridge it operated in Genoa.

  • Moody's23 days ago

    NIPPON STEEL CORPORATION -- Moody's affirms Nippon Steel's Baa1 ratings, outlook stable

    Moody's Japan K.K. has affirmed NIPPON STEEL CORPORATION's (NSC) Baa1 senior unsecured ratings. At the same time, Moody's has affirmed the (P)Baa1 rating on NSC's senior unsecured domestic shelf registration and the Baa3 subordinate rating. "The affirmation of NSC's ratings reflects our expectation that the company will maintain its solid financial base even after taking into account its planned acquisition of an Indian steel company," says Takashi Akimoto, a Moody's Assistant Vice President and Analyst.

  • European Steel Warns of Import Tsunami If Restrictions Ease
    Bloomberg23 days ago

    European Steel Warns of Import Tsunami If Restrictions Ease

    (Bloomberg) -- Terms of Trade is a coming daily newsletter that untangles a world embroiled in trade wars. Sign up here. Europe’s steel industry faces a “tsunami of problems” if a relaxation of import restrictions goes ahead as planned next week, according to steelmakers including top producer ArcelorMittal.From July 1, steelmakers from outside the European Union will see tariff-free quotas increase by 5%, raising the risk of more supplies into the bloc. While the industry remains optimistic, there are no signs that the European Commission will backtrack, Geert van Poelvoorde, ArcelorMittal’s chief of flat products in Europe, told reporters in Brussels on Wednesday.EU producers have opposed the move as demand contracted, especially from the key auto sector, and costs surged at a time when cheap imports into the region remain high. The comments from van Poelvoorde, who is also president of industry lobby group Eurofer, come weeks after he said Europe’s troubled steel market is showing signs of bottoming out.European steel chiefs wrote an open letter to the commission and the bloc’s leaders earlier this month, saying that an influx of material caused by U.S. tariffs had left the region’s industry in crisis. Almost two-thirds of steel previously sent to America ended up in Europe, van Poelvoorde said at Eurofer’s annual meeting in Brussels.The commission has said it will speed up its review of imports initially scheduled to be completed by the end of September, but hasn’t yet disclosed the timing.Sluggish demand growth is another worry. Producers from ArcelorMittal to U.S. Steel Corp.’s unit in Slovakia have reduced output this year because of weaker sales, while British Steel was forced into liquidation. Almost all companies in one way or another are being forced to cut production in Europe, Salzgitter AG chief Heinz Joerg Fuhrmann said in Brussels.The industry’s key demands to regulators:The cancellation of the planned 5% relaxation of tariff-free quotas.Country-specific quotas for all imports, notably hot-rolled steel which currently only has a global quota.Equal carbon emissions burdens for EU and foreign suppliers, and access to EU funds for European projects aimed at reducing emissions.To contact the reporter on this story: Elena Mazneva in London at emazneva@bloomberg.netTo contact the editors responsible for this story: Lynn Thomasson at lthomasson@bloomberg.net, Nicholas Larkin, Liezel HillFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.