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MarketScreener Homepage  >  Equities  >  Euronext Amsterdam  >  ArcelorMittal    MT   LU1598757687

ARCELORMITTAL

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ArcelorMittal: EU Steel Tariffs Can't Halt Plummeting Prices

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05/09/2019 | 03:43am EDT

By Nathan Allen

ArcelorMittal (MT.AE) on Thursday blamed lower first-quarter earnings on a sharp decline in global steel prices, a trend that was particularly pronounced in Europe, where a series of tariffs have failed to stem the flow of cheap imports.

"We continue to face a challenge from high levels of imports, particularly in Europe, where safeguard measures introduced by the European Commission have not been fully effective," Chief Executive Lakshmi Mittal said.

In January the EU agreed to a series of measures aimed at curbing imports after the introduction of tariffs in the U.S. diverted large volumes of the metal into Europe.

The commission imposed quotas on 26 product categories and a 25% duty on imports exceeding those quotas.

However, ArcelorMittal has argued that the measures don't go far enough to protect local producers, and recently committed to temporary production cuts in the region, which it said were necessary to adapt to the current market environment.

"It is important there is a level playing field to address unfair competition, and this includes a green border adjustment to ensure that imports into Europe face the same carbon costs as producers in Europe," Mr. Mittal said.

While ArcelorMittal's quarterly steel production in the region increased 10% on-year to 12.4 million metric tons--largely as a result of its takeover of Italy's giant Ilva mill--operating income dropped to $11 million from $580 million over the same period.

Average selling prices in Europe fell 9% on year to $541 a ton, the company said, compared with a 6.4% drop in Brazil and a 12% gain in the NAFTA region over the same period.

Write to Nathan Allen at nathan.allen@dowjones.com

Stocks mentioned in the article
ChangeLast1st jan.
ARCELORMITTAL 0.97% 14.844 Delayed Quote.-18.17%
ARCELORMITTAL 0.95% 14.854 End-of-day quote.-18.29%
EURO / BRAZILIAN REAL (EUR/BRL) 0.10% 4.205 Delayed Quote.-5.66%
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Financials (USD)
Sales 2019 74 188 M
EBIT 2019 3 596 M
Net income 2019 2 034 M
Debt 2019 9 832 M
Yield 2019 1,44%
P/E ratio 2019 9,12x
P/E ratio 2020 5,37x
EV / Sales2019 0,36x
EV / Sales2020 0,33x
Capitalization 16 816 M
Chart ARCELORMITTAL
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Technical analysis trends ARCELORMITTAL
Short TermMid-TermLong Term
TrendsNeutralBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 18
Average target price 22,96  $
Last Close Price 16,66  $
Spread / Highest target 102%
Spread / Average Target 37,8%
Spread / Lowest Target -59,7%
EPS Revisions
Managers
NameTitle
Lakshmi Niwas Mittal Chairman & Chief Executive Officer
Aditya Mittal President & Chief Financial Officer
Brian E. Aranha CTO, Executive VP, Head-Research & Development
Michel Wurth Non-Independent Non-Executive Director
Vanisha Mittal Bhatia Non-Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
ARCELORMITTAL-18.17%16 816
NUCOR9.46%17 192
POSCO--.--%16 140
NIPPON STEEL CORP-3.81%15 227
NOVOLIPETSK STEEL PAO7.60%14 755
NOVOLIPETSK STEEL PAO--.--%14 755