Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Euronext Amsterdam  >  ArcelorMittal    MT   LU1598757687

ARCELORMITTAL

(MT)
  Report  
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsPress ReleasesOfficial PublicationsSector newsMarketScreener StrategiesAnalyst Recommendations

ArcelorMittal : Italian prime minister faces protester wrath at contested steel plant

share with twitter share with LinkedIn share with facebook
share via e-mail
0
11/08/2019 | 01:16pm EST
Ilva steel plant workers are seen outside the plant during a 24-hour strike against ArcelorMittal's plan in Taranto

TARANTO, Italy (Reuters) - Italian Prime Minister Giuseppe Conte was met by angry locals when he visited Europe's largest steel plant on Friday after ArcelorMittal announced it would walk away from a deal to buy the heavily polluting site, leaving its future in the balance.

While Conte has vowed to save the Ilva steelworks and its 8,200 jobs, hundreds of locals demanded the closure of the plant because of the toxic waste it has spewed over the adjacent southern city of Taranto.

"It is incompatible with human life," one man shouted as protesters surrounded Conte.

"Shut it, shut it," the crowd chanted.

ArcelorMittal said this week it was withdrawing from a 2018 deal to buy Ilva, blaming its decision on a government move to scrap previous guarantees of legal immunity during a massive clean-up operation at the Taranto plant.

Conte accused the steel giant of acting in ill faith and said the real reason it wanted to quit Italy was because it no longer thought its industrial plan was viable and was seeking 5,000 job cuts at Ilva to meet its financial goals.

Unions at Taranto staged a one-day strike on Friday to protest over the crisis.

They have accused the government of providing ArcelorMittal with an excuse to abandon Ilva by binning the legal shield which was given to the previous, state-controlled administrators.

Conte this week promised to revive the immunity if this would persuade ArcelorMittal to remain, but his coalition is divided, raising speculation that it might even fall apart over the question.

The ruling 5-Star Movement had demanded the closure of the Taranto plant ahead of last year's national election. It was eventually forced to accept the ArcelorMittal deal but many of its lawmakers have denounced the legal shield, saying it deprived pollution-hit residents of rightful legal redress.

Experts say environmental norms were ignored at the site for decades, leaving Taranto exposed to toxic pollutants. One report drawn up by a group of medics said that between 2005 and 2012 more than 3,000 deaths were directly linked to the pollution. Locals say there have been hundreds more deaths since then.

The head of 5-Star, Foreign Minister Luigi Di Maio, disavowed Conte's promise to reinstate the shield if necessary, and warned his coalition allies not to try to force the issue.

"It would be a serious problem for the government if anyone in the coalition presents an amendment (to restore immunity) without a deal (with us) beforehand," Di Maio said on Friday.

The coalition Italia Viva party of former prime minister Matteo Renzi has already presented such an amendment to parliament and it was not clear if it was ready to defy 5-Star and seek backing for its proposal from opposition parties.

The far-right League, which voted with 5-Star to remove the legal immunity when the two parties were in government together until August, now accuses the coalition of incompetence and says it should resign.

By Ciro de Luca

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on ARCELORMITTAL
03:07a"PREMATURE" TO TALK ABOUT ALTERNATIV : minister
RE
11/12ARCELORMITTAL : Nationalising Italy's Ilva steel plant would cause trouble with ..
RE
11/11GLOBAL MARKETS LIVE : Tencent, Alibaba, Boeing, Apple…
11/11ARCELORMITTAL : China's Jingye Group agrees outline deal to rescue British Steel
RE
11/11ARCELORMITTAL SOUTH AFRICA : Concludes Strategic Asset Footprint Review First Ph..
AQ
11/11ArcelorMittal South Africa to close Saldanha operation
RE
11/11LAKSHMI MITTAL : Immunity possible for ArcelorMittal if it re-commits to Ilva - ..
RE
11/08ARCELORMITTAL : Italian prime minister faces protester wrath at contested steel ..
RE
11/07ARCELORMITTAL : Italy ready for 'legal battle of century' with ArcelorMittal - C..
RE
11/07EUROPE : Trade optimism, upbeat earnings send European shares to four-year peak
RE
More news
Financials (USD)
Sales 2019 72 407 M
EBIT 2019 2 349 M
Net income 2019 4,11 M
Debt 2019 10 156 M
Yield 2019 1,40%
P/E ratio 2019 -225x
P/E ratio 2020 7,76x
EV / Sales2019 0,36x
EV / Sales2020 0,36x
Capitalization 16 272 M
Chart ARCELORMITTAL
Duration : Period :
ArcelorMittal Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends ARCELORMITTAL
Short TermMid-TermLong Term
TrendsBullishNeutralBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 18
Average target price 17,78  $
Last Close Price 16,08  $
Spread / Highest target 57,4%
Spread / Average Target 10,6%
Spread / Lowest Target -58,8%
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-14.11%16 274
NUCOR6.74%16 716
POSCO--.--%15 007
NIPPON STEEL CORPORATION-11.63%13 699
THYSSENKRUPP AG-10.58%9 319
JFE HOLDINGS, INC.-16.39%7 432