Log in
E-mail
Password
Show 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
  1. Homepage
  2. Equities
  3. Netherlands
  4. Euronext Amsterdam
  5. ArcelorMittal
  6. News
  7. Summary
    MT   LU1598757687

ARCELORMITTAL

(MT)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

ArcelorMittal : Tubular Products Jubail closes acquisition of JESCO

07/31/2021 | 08:12am EDT

ArcelorMittal announces that ArcelorMittal Tubular Products Jubail (AMTPJ) - its Saudi Arabian joint venture with the Public Investment Fund (PIF) - has completed the acquisition of Jubail Energy Services Company (JESCO) from TAQA Industrialization and Energy Services Company. The transaction, which reaffirms ArcelorMittal's commitment to Saudi Arabia and the country's Vision 2030 plan, creates a regional champion by combining Saudi Arabia's two leading tubular products producers.

The transaction brings multiple benefits for all stakeholders in the Kingdom of Saudi Arabia, including AMTPJ customers such as Saudi Aramco, as well as both shareholders. These include:

  • Economies of scale through the creation of the largest producer of seamless pipes in the Middle East
  • Combined annual capacity of 1 million tonnes and a highly diversified quality product offering.
  • The opportunity to derive synergies and improve cost competitiveness across multiple areas including raw material procurement, sales and marketing logistics, inventory optimisation and asset utilisation.
  • Strengthened financial position and shareholder base in partnership with PIF.

ArcelorMittal's shareholding in AMTPJ, which will operate under the joint management control of ArcelorMittal and PIF, will reduce to approximately one-third (from 41%) with PIF's shareholding correspondingly increasing to approximately two-thirds.

Commenting, Gabriel Monti, incoming CEO, AMPTJ, said:

'Combining AMPTJ with JESCO creates a new regional champion capable of delivering first-class products and services to our expanded customer base. We fully intend to capture the synergies resulting from this transaction which will further strengthen our competitiveness. I would like to thank all employees from both companies for the patience and commitment they have shown throughout the transaction process. Their professionalism has been exemplary, and I am confident they will feel tangible benefits from this transaction. I'd also like to thank the Ministry of Investment of Saudi Arabia for the enabling role it played in facilitating this transaction.'

Disclaimer

ArcelorMittal SA published this content on 31 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 July 2021 12:11:02 UTC.


© Publicnow 2021
All news about ARCELORMITTAL
09/17European ADRs Down Nearly 2% Friday as Mining, Steel Shares Drop
MT
09/15European ADRs Modestly Higher Wednesday as Energy Stocks Rally
MT
09/15ARCELORMITTAL : Deutsche Bank Adjusts ArcelorMittal PT to $55 From $47, Maintain..
MT
09/15ARCELORMITTAL : Deutsche Bank maintains a Buy rating
MD
09/14ARCELORMITTAL : Designated person notification (Form 6-K)
PU
09/14ARCELORMITTAL : S.A., - Designated person notification
PU
09/14ARCELORMITTAL : Barclays maintains a Buy rating
MD
09/13GLOBAL MARKETS LIVE : Valneva, Walt Disney, ViacomCBS, General Motors, Amazon...
09/13ARCELORMITTAL : to Expand in Liberia, Move Forward With $800 Million Iron Ore Pr..
MT
09/11LAKSHMI MITTAL : ArcelorMittal to triple iron ore production in Liberia
RE
More news
Analyst Recommendations on ARCELORMITTAL
More recommendations
Financials (USD)
Sales 2021 74 474 M - -
Net income 2021 13 211 M - -
Net Debt 2021 720 M - -
P/E ratio 2021 2,44x
Yield 2021 1,16%
Capitalization 32 287 M 32 324 M -
EV / Sales 2021 0,44x
EV / Sales 2022 0,45x
Nbr of Employees 168 000
Free-Float 56,0%
Chart ARCELORMITTAL
Duration : Period :
ArcelorMittal Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends ARCELORMITTAL
Short TermMid-TermLong Term
TrendsBearishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 18
Last Close Price 31,90 $
Average target price 45,96 $
Spread / Average Target 44,1%
EPS Revisions
Managers and Directors
Aditya Mittal Chief Executive Officer & Director
Genuino M. Christino Chief Financial Officer & Executive Vice President
Lakshmi Niwas Mittal Executive Chairman
Pinakin Chaubal Chief Technology Officer
Henk Scheffer Secretary & Group Compliance Officer
Sector and Competitors
1st jan.Capi. (M$)
ARCELORMITTAL44.12%32 324
NUCOR CORPORATION97.20%30 806
POSCO33.27%23 239
TATA STEEL LIMITED115.26%22 630
NIPPON STEEL CORPORATION62.12%18 040
STEEL DYNAMICS, INC.72.80%12 645