|Bid||15.05 x 3100|
|Ask||15.00 x 1100|
|Day's Range||14.96 - 15.32|
|52 Week Range||12.53 - 32.73|
|Beta (3Y Monthly)||2.16|
|PE Ratio (TTM)||7.41|
|Earnings Date||Feb 21, 2017 - Feb 27, 2017|
|Forward Dividend & Yield||0.20 (1.30%)|
|1y Target Est||26.25|
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.
(Bloomberg) -- ArcelorMittal, the world’s biggest steelmaker, is exploring a sale of a downstream construction business as it divests peripheral operations, people familiar with the matter said.The company is working with advisers to prepare an auction of the division, which makes products including roof paneling, according to the people. The business could fetch about 700 million euros ($771 million) to 800 million euros, the people said, asking not to be identified because the discussions are private.A sale is likely to kick off in the fourth quarter and could attract interest from both building materials producers and private equity firms, one of the people said. ArcelorMittal jumped as much as 3.3% in Amsterdam on Wednesday, touching the highest since July.The company announced in August it has the potential to “unlock” $2 billion from its portfolio in the next two years, signaling plans to sell non-core units. Its billionaire chief executive officer, Lakshmi Mittal, said last month that steel demand could be even weaker than previously expected while profits are being hurt by lower prices and higher raw material costs.A representative for ArcelorMittal declined to comment.The plan to sell a non-core asset is positive as it “shows renewed focus on reducing net debt to target levels,” said Christian Georges, an analyst at Societe Generale SA. Investors are watching the metric closely because the company has said it would increase dividends after meeting a target for net borrowings of $7 billion, down from $10.2 billion it had as of end-June.The company said last month it would “prioritize deleveraging,” even amid challenging steel market conditions.(Updates with share move in third paragraph, analyst comment in penultimate paragraph.)To contact the reporters on this story: Aaron Kirchfeld in London at email@example.com;Dinesh Nair in London at firstname.lastname@example.org;Elena Mazneva in Moscow at email@example.comTo contact the editors responsible for this story: Ben Scent at firstname.lastname@example.org, ;Lynn Thomasson at email@example.com, Nicholas Larkin, Megan DurisinFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Billionaire mining investor Robert Friedland has won the rights to develop an iron ore deposit in Guinea that owners including BHP Group have left undeveloped for years.Friedland has been in talks with BHP, Newmont Goldcorp Corp. and Orano for months to secure the right to develop the Nimba deposit on Guinea’s border with Liberia. Guinean president Alpha Conde attended a signing ceremony in the capital, Conakry, on Thursday to agree to Friedland’s High Power Exploration group buying 95% of the project.While Guinea has some of the world’s richest iron ore deposits, including the fabled Simandou mine that Rio Tinto Group, Vale SA and billionaire Beny Steinmetz have fought over for years, it has never exported a ton. One of the major obstacles has been the cost of building a railway to export out of Guinea, rather than using a much shorter route through Liberia.“After several decades of attempts, today we are confident that we are going to get the ore into the market,” Guinean Mining Minister Abdoulaye Magassouba told reporters.Guinea and HPX have agreed on terms for an updated mining convention, the company said in a statement. The deal includes a 15% free-carried government interest in the Guinean company operating the project, as well as tax and royalty arrangements and a development timetable.HPX plans to bring a “starter mine” of 1 million to 5 million tons per year into production as quickly as possible, while feasibility studies are being completed for an expanded operation of at least 20 million tons per year, the company said.Key to developing Nimba would be getting access to a rail line operated by ArcelorMittal, which has its own iron ore mine across the border in Liberia. ArcelorMittal has said it would let other companies use it, assuming there’s spare capacity or they pay for upgrades. Friedland has made some of the biggest mineral discoveries in the world over the past few decades, including copper deposits in Mongolia and the Democratic Republic of Congo.To contact the reporters on this story: Thomas Biesheuvel in London at firstname.lastname@example.org;Ougna Camara in Conakry at email@example.comTo contact the editors responsible for this story: Lynn Thomasson at firstname.lastname@example.org, Liezel Hill, Dylan GriffithsFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- An Indian bankruptcy tribunal approved JSW Steel Ltd.’s $2.7 billion bid for Bhushan Power & Steel Ltd., the second major steel asset the mill has bagged under the nation’s new insolvency process.The National Company Law Tribunal approved the offer Thursday while stating that profits made by Bhushan Power during the insolvency period must be distributed to creditors, in accordance with a ruling by a higher tribunal in a case involving ArcelorMittal-Essar Steel India Ltd.Bhushan Power will add 3.5 million tons a year of capacity to the Sajjan Jindal-led mill’s operations and establish the Mumbai-based company’s footprint in the eastern part of the country. JSW bid about 197 billion rupees, higher than rivals Tata Steel Ltd. and Liberty House Group.JSW wasn’t dissuaded in its pursuit of Bhushan Power by a string of accounting frauds, including those totaling about 56 billion reported by Allahabad Bank Ltd. and Punjab National Bank. The sale won’t be affected by criminal proceedings against the former founders of Bhushan Power on the alleged siphoning off of funds, the court said Thursday. The court also appointed a monitoring panel to oversee implementation of JSW’s resolution plan.Steel RestructureIndia’s steel industry has been a major beneficiary of a new bankruptcy process implemented by the government of Prime Minister Narendra Modi. Global players like ArcelorMittal and domestic producers have bid aggressively for stressed assets hoping to gain plants that would immediately contribute to profits.Apart from JSW, the bankruptcy process has aided the purchase by billionaire Anil Agarwal’s Vedanta Ltd. of Electrosteel Steels Ltd. and boosted Tata Steel Ltd.’s capacity with the acquisition of Bhushan Steel Ltd. ArcelorMittal has won the biggest steel plant under the insolvency process, Essar Steel India Ltd., but is yet to get control due to legal challenges.Shares of JSW Steel pared gains of as much as 3.5% in Mumbai after the court’s decision and were trading 0.3% higher at 2:32 p.m. local time.In July 2018, JSW and partner, the Apollo Global Management LLC-backed Aion Capital Partners, bought Monnet Ispat & Energy Ltd. under the new bankruptcy process. JSW plans to look for a partner for Bhushan Power, as it did for Monnet, once the deal is completed. Bhushan Power owes financial creditors 471 billion rupees.Adding Bhushan Power would allow JSW to reach its goal of increasing capacity to 45 million tons in India and have overseas capacity of 10 million tons by 2031.To contact the reporters on this story: Upmanyu Trivedi in New Delhi at email@example.com;Swansy Afonso in Mumbai at firstname.lastname@example.orgTo contact the editors responsible for this story: Phoebe Sedgman at email@example.com, Alpana Sarma, Ramsey Al-RikabiFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
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.
The world's biggest steelmaker ArcelorMittal cut its forecast for global steel demand, with a sharper reduction now envisaged in Europe due to a lean automotive market. ArcelorMittal shares, which had fallen 20% in the year to date before Thursday, were up 1.5% in early trading. It said Europe would see a decline of between 1% and 2%, having previously forecast a contraction of up to 1%, and also trimmed its expansion hopes for the United States and Brazil.
Luxembourg, August 1, 2019 - ArcelorMittal (referred to as “ArcelorMittal” or the “Company”) (MT (New York, Amsterdam, Paris, Luxembourg), MTS (Madrid)), the world’s leading.
Following prior tender offers, there is currently the following outstanding principal amount of 5.125% Notes and 5.250% Notes, respectively: U.S.$324,229,000 (original issuance of U.S.$500,000,000) and U.S.$625,630,000 (original issuance of U.S.$1,000,000,000). The 5.250% Notes shall be redeemed at a price equal to the greater of (1) 100% of the principal amount of the Notes to be redeemed and (2) the sum of the present values of the Remaining Scheduled Payments (as defined in the Indenture) of the Notes to be redeemed, discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined in the indenture dated as of May 20, 2009, as supplemented by the third supplemental indenture dated as of August 5, 2010, each between the Company and HSBC Bank USA, National Association) plus 40 basis points (the “5.250% Redemption Price”), in each case plus accrued and unpaid interest thereon to the Redemption Date.