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ArcelorMittal

ArcelorMittal SA is involved in the steel industry. The company's operating segments include NAFTA; Brazil; Europe; ACIS; Mining and others. It generates maximum revenue from the Europe segment. Europe segment produces hot-rolled coil, cold-rolled coil, coated products, tinplate, plate, and slab. These products are sold primarily to customers in the automotive, general, and packaging sectors as well as also produce long products consisting of sections, wire rods, rebar, billets, blooms and wire drawing, and tubular products. Geographically, it derives a majority of its revenue from United States.

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Shares of stocks in the broader metals and mining sector are trading higher in possible sympathy with Rio Tinto and Glencore who announced discussions regarding a potential merger, the largest in mining industry history.

ArcelorMittal South Africa, a unit of steel manufacturing company ArcelorMittal (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MT#NYSE">MT</a>) has made a major <a target="_blank" href="https://www.arcelormittalsa.com/Portals/0/News%20release%20-%20ArcelorMittal%20South%20Africa%20announces%20key%20decisions%20-%2006%20January%202025.pdf" rel="noreferrer noopener">restructuring </a>decision to wind down its Longs Business, having significant consequences on its workforce.
Production at the Longs Business is expected to halt by the end of January 2025, and the remaining processes will wind down by the first quarter of the year.
The company stated that this move will impact approximately 3,500 direct and indirect jobs, with an even larger economic impact on the Newcastle region.
The firm cited persistent economic challenges such as high logistics and energy costs, and low-cost steel imports, particularly from China, as the main factors leading to this decision.
Despite attempts to resolve these issues through consultations with the South African government and other stakeholders, ArcelorMittal concluded that the business was no longer viable.
Also Read: <a target="_blank" href="https://www.benzinga.com/trading-ideas/movers/25/01/42787508/biden-blocks-14-9b-us-steel-takeover-shares-plunge" rel="noreferrer noopener">Biden Blocks $14.9B US Steel Takeover</a>
The wind-down will directly affect operations at ArcelorMittal South Africa&#8217;s Newcastle and Vereeniging Works, along with its rail and structural subsidiary, AMRAS. A formal labor consultation process will begin soon to address the concerns of employees and suppliers.
The company has also faced challenges from record Chinese exports and rising local overcapacity. China&#8217;s increasing exports have had a ripple effect on international markets, prompting urgent discussions about fair trade measures and the future of decarbonization efforts, given the financial strain.
South Africa&#8217;s steel production is expected to decline by 2.3% in 2024, compared to the previous year. Additionally, the country has seen a 50% rise in steel imports since 2018, while its exports have plunged by 40%.
Financially, ArcelorMittal South Africa expects to see a considerable decline in earnings for 2024. Revenue for the year is projected to fall by more than 5%, largely due to weak market conditions and reduced asset utilization in its Longs Business.
Price Action: MT shares are trading higher by 2.21% at $22.68 in premarket at the last check Monday.
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News

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ArcelorMittal South Africa To Cut 3,500 Jobs Amid Economic Struggles

This wind down decision will directly affect operations constituting the Longs Business, namely, at the Newcastle and Vereeniging Works, and AMRAS (the rail and structural subsidiary). Newcastle's coke-making operations will continue, though scaled back to reflect reduced demand.&nbsp;

Reported Earlier, ArcelorMittal South Africa Reveals Decision To Wind Down Longs Business;  Approximately 3,500 Direct And Indirect Jobs Will Be Affected

Shares of stocks in the broader metals and mining sector are trading lower amid overall market weakness following the Fed's rate decision to cut rates by 25 basis points.

Stratasys F370&#xAE; 3D Printer and GrabCAD Print Software Enable ArcelorMittal Maizières Research's Adoption of 3D Printing for Applications Previously Unattainable with Traditional Manufacturing
ArcelorMittal, a leading steel manufacturer in Europe, has expanded its use of 3D printing by adopting the F370&#xAE; 3D printer within its research centre based in Maizières-lès-Metz, transforming the tooling and prototyping aspects of its manufacturing processes, Stratasys (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SSYS#NASDAQ">SSYS</a>) announced today.

SSYS

ArcelorMittal And Stratasys Announce Expanded Use Of 3D Printing By Adopting The F370 3D Printer Within Its Research Centre Based In Maizières-lès-metz, Transforming The Tooling And Prototyping Aspects Of Its Manufacturing Processes

LNZA

LanzaTech And ArcelorMittal Announced That Ethanol From ArcelorMittal's Commercial Flagship Steelanol Facility In Belgium Has Achieved A Production Milestone Whereby Ethanol Volumes Have Ramped To A Significant Enough Level To Support Large-scale Shipping By Barge

ArcelorMittal is today providing an update on its decarbonization plans in Europe.
The Company has previously announced the intention to invest in lower carbon emissions "hydrogen ready" DRI-EAF facilities to replace several blast furnaces across our European business, as a key strategic first step towards reducing emissions. In all cases, the host countries offered funding support for these projects, with the approval of the European Commission.
These projects were premised on a favourable combination of policy, technology and market developments that would facilitate decarbonization investment by helping offset the significantly higher capital and operating costs that this transition strategy would involve. This included being able to use natural gas until green hydrogen became competitive.
However European policy, energy and market environments have not moved in a favourable direction. Green hydrogen is evolving very slowly towards being a viable fuel source and natural gas based DRI production in Europe is not yet competitive as an interim solution. Furthermore, there are significant weaknesses in the carbon border adjustment mechanism (CBAM), trade protection measures need strengthening in response to increasing imports due to overcapacity in China, and there is limited willingness among customers to pay premiums for low-carbon emissions steel.
Before taking final investment decisions it is necessary to have full visibility on the policy environment that will ensure higher cost steelmaking can be competitive in Europe without a global carbon price. &nbsp;&nbsp; We expect several important developments in 2025, including the scheduled review of the CBAM, an anticipated review of the steel safeguards, and the publication of the Steel and Metals Action Plan. When complete, these initiatives will provide the parameters needed to shape the business case for decarbonization investments in Europe.
In the meantime, we are continuing with engineering work, as well as analysing a phased approach that would first start with constructing electric arc furnaces, which can also be fed with scrap steel to significantly reduce emissions. &nbsp;&nbsp; ArcelorMittal remains committed to decarbonizing and achieving net-zero by 2050. Activity undertaken in Europe to date includes:
<ul>
<li>In May we commenced construction on a 1.1 million tonne capacity EAF at our long products plant in Gijón, Spain. This will ultimately lead to a reduction of 1 million tonnes of CO2e a year.</li>
<li>Good progress is being made with our efforts to increase production to 1.6 million tonnes a year by 2026 at our flat products plant in Sestao, Spain, where we have two EAFs. Once complete, much of this production will be our XCarb&#xAE; recycled and renewably produced low-carbon emissions steel.</li>
<li>We continue to lead the market with sales of our XCarb&#xAE; low-carbon emissions steel, which have a carbon footprint of as low as 300kg per tonne of steel produced, and are on track to double sales to c. 400,000 tonnes this year. &nbsp;</li>
</ul>
The longer timeline required for final investment decisions will not impact the Company's ability to meet customer demand for low-carbon emissions steel as the Sestao revamp project will materially increase the Company's ability to produce low-carbon emissions flat products.
Any revision to the current 2030 intensity targets will be set out in the forthcoming Climate Action Report 3. From an absolute emissions perspective, the absolute emissions of the Company's operations in Europe have reduced by 28.2% since 2018, largely due to lower production due to weak demand. &nbsp;&nbsp; Longer term, the Company remains committed to all technologies that offer the potential to take steelmaking to near-zero. This includes carbon capture utilisation and storage (CCUS), although like green hydrogen, this technology is likely to only make a meaningful difference after 2030. It already has one industrial scale CCU facility operational at its plant in Gent, Belgium, and a further two pilot projects underway in Gent.
Aditya Mittal, Chief Executive, ArcelorMittal, commented:
"ArcelorMittal remains absolutely committed to decarbonization. It is the right thing to do, both for the company and the planet. I remain confident that we can still achieve our net-zero by 2050 target, but the shape of how we will achieve this could differ from what was previously announced.
"We have been very grateful for the support offered to date by different governments to help accelerate this process. But the scale of the challenge requires further policy initiatives to unlock increased investment. We would have liked to move faster, but the reality is the regulatory environment required to support the business case for investments is not yet in place.
"I hope to see new policies coming into play that will support an accelerated transition. The Green Deal Industrial Plan and the Steel and Metals Action Plan, and the legislation flowing from them, will be important, as well as regulation to stimulate the demand signal. While we do have customers that want low-carbon steel, those that do and are willing to pay a premium are still very much in the minority. &nbsp;&nbsp; "I expect policy decisions taken in 2025 will help bring clarity on how we will move forward to decarbonize our assets, taking advantage of our unique global profile, superior technology and raw materials mix and industry leading innovation."
&nbsp;

ArcelorMittal Signals Shift in European Decarbonization Strategy Amid Policy Delays

ArcelorMittal shares are trading higher following Q3 earnings.

ArcelorMittal CFO Says On Trump's Election, Hopes He Will Support The Industry As He Did In His First Mandate

Outlook
Positive free cash flow outlook in 2024 and beyond: FY 2024 capex is expected to be within the previously communicated guidance range ($4.5bn-$5.0bn). The Company expects the year to date investment in working capital to reverse by year end, supporting the outlook for free cash flow generation. The completion of the Company's strategic growth projects is expected to generate additional EBITDA and investable cash flow in the coming periods10,16. ArcelorMittal continues to optimize its decarbonization pathway to ensure that the Company can remain competitive and achieve an appropriate return on investment

Earnings

Guidance

ArcelorMittal Anticipates Positive Free Cash Flow In 2024, With Capex Expected To Stay Within The Guided Range Of $4.5B-$5.0B

ArcelorMittal (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MT#NYSE">MT</a>) reported quarterly earnings of $0.63 per share which beat the analyst consensus estimate of $0.51 by 23.53 percent. This is a 43.24 percent decrease over earnings of $1.11 per share from the same period last year. The company reported quarterly sales of $15.196 billion which missed the analyst consensus estimate of $15.254 billion by 0.38 percent. This is a 8.55 percent decrease over sales of $16.616 billion the same period last year.

Earnings Beats

Earnings Misses

ArcelorMittal Q3 2024 Adj. EPS $0.63 Beats $0.51 Estimate, Sales $15.196B Miss $15.254B Estimate

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our <a href="https://www.benzinga.com/analyst-stock-ratings">analyst ratings page</a>.
<ul>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/636e1b25ae71ff0001ec007e/dominic-o'kane">JP Morgan analyst Dominic O&#8217;Kane</a> downgraded the rating for ArcelorMittal S.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MT#NYSE">MT</a>) from Overweight to Neutral. ArcelorMittal shares gained 0.6% to close at $24.76 on Thursday. <a href="https://www.benzinga.com/quote/MT/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Wells Fargo analyst Andrew Bauch downgraded the rating for Flywire Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FLYW#NASDAQ">FLYW</a>) from Overweight to Equal-Weight and slashed the price target from $20 to $18. Flywire shares rose 2.7% to close at $16.49 on Thursday. <a href="https://www.benzinga.com/quote/FLYW/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Seaport Global analyst Richard Safran downgraded the rating for General Dynamics Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GD#NYSE">GD</a>) from Buy to Neutral. General Dynamics shares fell 0.9% to close at $296.05 on Thursday. <a href="https://www.benzinga.com/quote/GD/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Morgan Stanley analyst Joseph Moore downgraded the rating for Qorvo, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QRVO#NASDAQ">QRVO</a>) from Overweight to Equal-Weight and lowered the price target from $130 to $120. Qorvo shares fell 0.7% to close at $101.50 on Thursday. <a href="https://www.benzinga.com/quote/QRVO/analyst-ratings">See how other analysts view this stock</a>.</li>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/585939c2ee7bf600010fe946/vijay-rakesh">Mizuho analyst Vijay Rakesh</a> downgraded Mobileye Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MBLY#NASDAQ">MBLY</a>) from Outperform to Neutral and lowered the price target from $30 to $13. Mobileye gained 1.8% to settle at $12.29 on Thursday. <a href="https://www.benzinga.com/quote/MBLY/analyst-ratings">See how other analysts view this stock.</a></li>
</ul>
Considering buying GD stock? Here&#8217;s what analysts think: 
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="490" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/11092552/image-89-1024x490.png" alt="" class="wp-image-591352" style="width:631px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/11092552/image-89-1024x490.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/11092552/image-89-300x143.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/11092552/image-89-768x367.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/11092552/image-89.png 1313w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
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Downgrades

Pre-Market Outlook

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Analyst Ratings

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FLYW

MBLY

QRVO

This General Dynamics Analyst Is No Longer Bullish; Here Are Top 5 Downgrades For Friday

JP Morgan analyst Dominic O'Kane downgrades ArcelorMittal (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MT#NYSE">MT</a>) from Overweight to Neutral.

JP Morgan Downgrades ArcelorMittal to Neutral

The Transaction has been entered in to at the request of NSC to address regulatory concerns pursuant to its agreed acquisition of US Steel. The Transaction is subject to NSC completing its pending acquisition of US Steel, which is subject to various other regulatory requirements.
Under the terms of the agreement, ArcelorMittal will pay&nbsp;$1&nbsp;consideration for the Transaction; further, NSC will inject cash and forgive partner loans in an amount estimated to be approximately&nbsp;$0.9 billion.

NPSCY

Nippon Steel Exits Calvert Joint Venture, Selling Stake To ArcelorMittal In Strategic Move Tied To U.S. Steel Deal

As of Sept. 27, 2024, four stocks in the materials sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions.
The RSI is a momentum indicator, which compares a stock&#8217;s strength on days when prices go up to its strength on days when prices go down. When compared to a stock&#8217;s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered overbought when the <a href="https://www.benzinga.com/topic/rsi">RSI is above 70</a>, according to <a href="https://pro.benzinga.com/">Benzinga Pro</a>. 
Here's the latest list of major overbought players in this sector.
<h3 class="wp-block-heading">Freeport-McMoRan Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>)</h3>
<ul>
<li>On Sept. 25, Freeport said its Board of Directors declared cash dividends of 15 cents per share on FCX&#8217;s common stock payable on Nov. 1, to shareholders of record as of Oct. 15. The company's stock gained around 17% over the past five days and has a <a href="https://www.benzinga.com/quote/FCX">52-week high of $55.24</a>.</li>
<li>RSI Value: 76.95&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</li>
<li>FCX Price Action: Shares of Freeport-McMoRan gained 7.5% to close at $51.91 on Thursday.</li>
</ul>
<h3 class="wp-block-heading">Mp Materials Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MP#NYSE">MP</a>)</h3>
<ul>
<li>On Sept. 3, MP Materials approved a $300 million increase to the company&#8217;s existing share repurchase program, bringing the total authorized amount to $600 million. &#8220;We remain very confident in the long-term value of our assets and the MP platform,&#8221; said James Litinsky, Founder, Chairman, and CEO of MP Materials. &#8220;As we have consistently stated, subject to continuing to maintain a fortress balance sheet, we expect to be opportunistic in our approach to capital allocation to create value for shareholders.&#8221;The company's stock gained around 20% over the past five days and <a href="https://www.benzinga.com/quote/MP">has a 52-week high</a> of $20.85.</li>
<li>RSI Value: 78.23</li>
<li>MP Price Action: Shares of Mp Materials rose 4.6% to close at $16.90 on Thursday.</li>
</ul>
<h3 class="wp-block-heading">ArcelorMittal SA (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MT#NYSE">MT</a>)</h3>
<ul>
<li>On Aug. 28, Deutsche Bank analyst Bastian Synagowitz upgraded ArcelorMittal from Hold to Buy and raised the price target from $29 to $31. The company's stock gained around 10% over the past month and has a <a href="https://www.benzinga.com/quote/MT">52-week high</a> of $29.01.</li>
<li>RSI Value: 72.57</li>
<li>MT Price Action: Shares of ArcelorMittal gained 5.1% to close at $25.93 on Thursday.</li>
</ul>
<h3 class="wp-block-heading">Southern Copper Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCCO#NYSE">SCCO</a>)</h3>
<ul>
<li>On Sept. 19, Morgan Stanley analyst Carlos De Alba maintained Southern Copper with an Underweight and raised the price target from $97 to $100. The company's stock jumped around 15% over the past five days and has a 52-week high is $129.07.</li>
<li>RSI Value: 73.34</li>
<li>SCCO Price Action: Shares of Southern Copper gained 8.2% to close at $120.43 on Wednesday. </li>
</ul>
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