As the world's largest steel producer, however steel markets go so goes ArcelorMittal (MT).
That does not mean that the company cannot, or has not, make meaningful
cost improvements and/or reposition production to take advantage of
particular market opportunities, but ArcelorMittal is more leveraged to
an overall European and North American steel recovery than more
focused/specialized companies like Voestalpine (OTCPK:VLPNY) or Acerinox (OTCPK:ANIOY).
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ArcelorMittal Looks To Ride Recovering Steel Demand Back Into The High Teens
4 comments:
Hi Stephen,
I really enjoyed this article when it came out.
Any thoughts on the past quarter? Do you think the headwinds caused by iron ore pricing are enough to justify the EV/EBITDA discount as compared to steel companies such as AKS and X?
Thanks
Hi Stephen,
I really enjoyed this article when it came out.
Any thoughts on the past quarter? Do you think the headwinds caused by iron ore pricing are enough to justify the EV/EBITDA discount as compared to steel companies such as AKS and X?
Thanks
I'm hoping to update over the next week or two, so look for that...
I don't think the discount is justified, though I'm not surprised to see it - by virtue of the inferiority of their operations, AKS and X arguably have more positive leverage to an upturn in steel.
Thanks for such a quick reply, Stephen.
Looking forward to the article when/if you get a chance to write it.
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