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
Real-time Quote. Real-time Euronext Amsterdam - 09/21 11:36:59 am
24.635 EUR   -1.56%
09/21ARCELORMITTAL : Designated person notification (Form 6-K)
PU
09/21European ADRs Move Higher in Tuesday Trading
MT
09/21ARCELORMITTAL : S.A., - Designated person notification
PU
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Steel Mogul Lakshmi Mittal Turns Over CEO Role To Son -- Update

02/11/2021 | 01:18pm EDT

By Alistair MacDonald

Lakshmi Mittal built what was until last year the world's largest steelmaker, ArcelorMittal. On Thursday, he tapped his son to take over amid rising domination of the industry by China and growing investor pressure to produce steel more cleanly.

ArcelorMittal said Aditya Mittal, 44 years old and currently the company's chief financial officer, will replace his father as CEO. The elder Mr. Mittal will stay on as executive chairman.

Aditya Mittal's promotion represents a generational change of the guard long in the making at ArcelorMittal, the Luxembourg-based steelmaking giant that is almost 40% owned by his family. He told reporters Thursday that the shift "is much more evolutionary than revolutionary." Lakshmi Mittal said the two had been effectively running the company together.

Aditya Mittal was already helping lead the company's effort to shift production to less carbon-intensive steel and, following the rest of the industry, to manufacturing sites in the developing world.

Raised in India, Lakshmi Mittal laid the foundations of his company with a single steel plant in Indonesia in 1976. He set off on years of acquisitions, mainly in Eastern Europe and the developing world. Mittal Steel became the world's largest steelmaker by production after buying Arcelor, a European conglomerate, in 2006.

The company held that title until last year, when steel analysts said it was overtaken by China Baowu Steel Group Corp. This reflects a long-term shift in steel production away from the developed world. China alone was responsible for 56.5% of global steel production last year, with the European Union, one of ArcelorMittal's largest markets, producing only 7.4% of output, and the U.S. responsible for less than 4%.

The younger Mr. Mittal inherits a company that has reduced the heavy debt load built up over some 45 years of deal making by his father. The company said Thursday that it has net debt of $6.4 billion, the lowest level since the Arcelor acquisition. The company has also shed some of his earlier acquisitions, including the sale last year of ArcelorMittal's U.S. steel business.

The Covid-19 pandemic has hit demand, outside of China, in an industry that was already suffering from low margins amid massive oversupply. The industry also faces growing pressure from governments and investors to shake off its century-old reputation as a smoke-belching industry.

Mr. Mittal said there would be three priorities under his leadership: sustainability, cost competitiveness and emerging markets.

"The biggest challenge of the day is how we lead the decarbonization of the steel industry," Aditya Mittal said in an interview. He has promised a shift away from using coal to fuel the steel making process to cleaner fuels like hydrogen. Mr. Mittal said that the company is piloting a hydrogen plant in Germany and capturing waste gases at a plant in Belgium.

"We have a lot of emerging market assets, and in all these geographies we have growth plans," he said.

Write to Alistair MacDonald at alistair.macdonald@wsj.com

(END) Dow Jones Newswires

02-11-21 1318ET

Stocks mentioned in the article
ChangeLast1st jan.
APERAM S.A. -0.67% 47.42 Real-time Quote.38.90%
ARCELORMITTAL -1.56% 24.635 Real-time Quote.30.48%
SYNEOS HEALTH, INC. 0.42% 93.85 Delayed Quote.37.75%
All news about ARCELORMITTAL
09/21ARCELORMITTAL : Designated person notification (Form 6-K)
PU
09/21European ADRs Move Higher in Tuesday Trading
MT
09/21ARCELORMITTAL : S.A., - Designated person notification
PU
09/21ARCELORMITTAL : Designated person notification
AQ
09/20ARCELORMITTAL : $100 million equity investment to be made over five years through XCarb&tr..
PU
09/20ARCELORMITTAL : S.A., - ArcelorMittal joins Breakthrough Energy's Catalyst program as anch..
PU
09/20ARCELORMITTAL : Joins Bill Gates-Backed Breakthrough Energy, Commits $100 Million Investme..
MT
09/20ARCELORMITTAL : Pledges $100 Million Equity Investment For Breakthrough Energy's Catalyst ..
MT
09/20ArcelorMittal joins Breakthrough Energy's Catalyst program as anchor partner
GL
09/20ArcelorMittal Joins Breakthrough Energy’s Catalyst Program as Anchor Partner
CI
More news
Analyst Recommendations on ARCELORMITTAL
More recommendations
Financials (USD)
Sales 2021 74 647 M - -
Net income 2021 13 258 M - -
Net Debt 2021 859 M - -
P/E ratio 2021 2,20x
Yield 2021 1,28%
Capitalization 29 221 M 29 213 M -
EV / Sales 2021 0,40x
EV / Sales 2022 0,40x
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
TrendsBearishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 18
Last Close Price 28,87 $
Average target price 46,72 $
Spread / Average Target 61,8%
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$)
ARCELORMITTAL30.48%29 213
NUCOR CORPORATION80.88%28 256
POSCO33.27%23 096
TATA STEEL LIMITED100.76%21 077
NIPPON STEEL CORPORATION54.86%17 332
STEEL DYNAMICS, INC.57.63%11 788