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ArcelorMittal

MTNA is the world's largest steel producer, which was formed after the 2006 merger between Mittal Steel and Arcelor. ArcelorMittal is the largest steel producer in the Americas, Africa and Europe and is the fifth largest steel producer in the CIS region. ArcelorMittal has steel-making operations in 18 countries on four continents, including 47 integrated and mini-mill steel-making facilities. Since September 2011, ArcelorMittal has been undergoing a deleveraging process to reduce its indebtedness including numerous divestments of non-core assets. Despite the overall strategy of deleveraging, MTNA has completed some strategic acquisitions through a 50/50 JV of Calvert in 2014 and the purchase of Votorantim S.A.'s long business and Ilva S.p.A. in 2017. 2017 sales amounted to $68.7 bn, with steel shipments of 85.2 mn tonnes up 21% YoY from $56.8 bn in the prior year. In terms of geography the largest sales destinations include: US (21%), Germany (9%), France (6%), and Brazil (6%). (29 Nov 2018)

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Transcript: 2018 IG & Crossover Conf-Basics Panel

Transcript: 11 Dec 2018, 5:51 AM ET - We present a transcript of the Basic Industries Panel discussion given at the CreditSights Investment Grade & Crossover conference on December 4, 2018.
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MTNA 3Q18: M&A Deals Underpin Future Growth

Earnings Note: 01 Nov 2018, 9:54 PM ET - We examine ArcelorMittal's 3Q18 results and take a look at the M&A deals that will underpin future growth for the steelmaker.

Euro IG Sector Snapshots: October 2018

Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.
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MTNA: $1.0 bn Payment to Remain in Essar Steel Bid

Worth Watching: 17 Oct 2018, 1:13 PM ET - MTNA (Baa3/BBB-/BBB-) approved a payment of 7,469 crore rupees (~$1 bn) to the creditors of Uttam Galva and KSS Petron to clear overdue debts in order to become an eligible bidder for Essar Steel as stipulated in the October 4th Supreme Court r ..
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MTNA: Asset Sales to Liberty to Win Ilva Approval

Worth Watching: 14 Oct 2018, 9:56 PM ET - MTNA (Baa3/BBB-/BBB-) agreed to sell four steelmaking facilities in the Czech Republic, Romania, Macedonia, and Italy to Liberty House Group. The deal amount was not disclosed and is subject to the successful completion of the acquisition of Ilva, ..
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ArcelorMittal: Ups Bid For Essar Steel

Worth Watching: 10 Sep 2018, 4:18 PM ET - ArcelorMittal (Baa3/BBB-/BBB-), along with Nippon Steel and Sumitomo Metal, submitted a revised proposal for bankrupted Indian steelmaker, Essar Steel. While the revised offer was not disclosed, the Indian financial daily newspaper Mint reported t ..
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ArcelorMittal: Vega $330 mn Expansion In Brazil

Worth Watching: 15 Aug 2018, 9:54 PM ET - ArcelorMittal (Baa3/BBB-/BBB-) announced that it will resume its $330 mn expansion project at ArcelorMittal Vega, a flat steel cold rolling, pickling, and galvanizing unit located in São Francisco do Sul in the state of Santa Catarina. Vega's expa ..
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ArcelorMittal: $750 mn Bond Tender Offer

Worth Watching: 07 Aug 2018, 3:14 PM ET - ArcelorMittal (Baa3/BBB-/BBB-) has announced a new $750 mn tender offer for outstanding USD notes with maturities of 2039 and 2041. The company will accept up to $750 mn in aggregate principal amount of the notes in the order of priority shown bel ..
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MTNA 2Q18: Steel Consumption Improving

Earnings Note: 01 Aug 2018, 11:07 AM ET - We examine MTNA's 2Q18 results and take a look at the company's latest estimates for apparent steel consumption.

US IG Chart of the Day: Issuer Entrants and Exits

Strategy Analysis: 16 Jul 2018, 9:04 AM ET - In today's chart of the day we identify issuers that have moved into or out of the ICE / BAML IG index since the beginning of the year. 
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MTNA: Fitch Upgrade to BBB-

Worth Watching: 13 Jul 2018, 9:52 AM ET - MTNA (Baa3/BBB-/BBB-): Fitch upgraded MTNA's long-term issuer default rating and senior unsecured ratings to BBB- from BB+, which follows on the heels of the recent Moody's upgrade (see: ArcelorMittal: Migrating to IG 06-22-18). The upgrade reflec ..
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ArcelorMittal: Migrating to IG

Worth Watching: 22 Jun 2018, 11:25 AM ET - ArcelorMittal (Baa3/BBB-/BB+) just got upgraded by Moody's by one-notch to Baa3 and will migrate to investment grade at the end of this month. The global steelmaker is a credit that we highlighted as a potential rising star that could get upgra ..

Italy Assessing the Risks: Part 2 - Non-Financials

Sector Analysis: 31 May 2018, 10:24 PM ET - In the second part of our series on the impact of Italian political uncertainty on the country's investment grade and high yield credits we take a look at non-financial corporates.

Brazil Truckers' Strike: Basic Industries View

Sector Analysis: 31 May 2018, 5:08 AM ET - We take a look at the Brazilian truckers' strike which has crippled the local economy over the last 1.5 weeks and assess the potential impact on the Metals & Mining and Paper & Packaging sectors. 
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MTNA 1Q18: Strong Results, More to Come

Earnings Note: 13 May 2018, 8:34 PM ET - We examine MTNA's 1Q18 results and take a look at the company's solid outlook.

BHP: F3Q18 Production Results, IO Disappoints

Worth Watching: 19 Apr 2018, 11:36 PM ET - BHP (A3/A) posted mixed F3Q18 production results for the quarter that ended on March 31, 2018. WAIO iron ore production of 67 Mt on 100% basis came in below analyst estimates of 69 Mt. Iron ore production was up 8% YoY due to record production at ..

Basic Industries: 1Q18 In Review and a Look Ahead

Sector Analysis: 17 Apr 2018, 4:12 AM ET - We review the performance of the Basic Industries sector  YTD, comparing themes in our outlook with actual developments. We also talk about unexpected developments, and what we think will shape the balance of the year. 
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MTNA: Offers Divestitures to Win Ilva Approval

Worth Watching: 13 Apr 2018, 1:25 PM ET - MTNA (Ba1/BBB-/BB+) has submitted a divestiture package proposal of certain European assets in response to some preliminary competition concerns raised in the ongoing EU commission review. The sale of assets located in Italy, Romania, Macedonia, C ..
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MTNA: Submits New Bid for Essar Steel

Worth Watching: 02 Apr 2018, 11:44 AM ET - MTNA (Ba1/BBB-/BB+): Bloomberg reports three groups have submitted bids to acquire Essar Steel India, an insolvent steelmaker that could fetch at least $6 bn. The VTB Russian bank led investor group has replaced investor Rewant Ruia, son of Essar ..
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MTNA: Ineligble Bid for Essar Steel

Worth Watching: 21 Mar 2018, 10:56 PM ET - MTNA (Ba1/BBB-/BB+): Bloomberg reports Essar Steel creditors have decided to reopen the bidding after deciding that MTNA's bid and competing joint-bid from Rewant Ruia, son of Essar Group co-founder, and Numetal, a NewCo majority-owned by the seco ..

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