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MT

ArcelorMittal

$15.82

1.005 (6.79%)

08:06
11/04/19
11/04
08:06
11/04/19
08:06

AM InvestCo Italy sends termination notice on purchase agreement for Ilva

AM InvestCo Italy sent to Ilva's Commissioners a notice to withdraw from, or terminate, the agreement for the lease and subsequent conditional purchase of the business of Ilva S.p.A. and certain of its subsidiaries, closed on 31 October 2018. The Agreement stipulates that, in the event that a new law affects the environmental plan for the Taranto plant so as to materially impair the ability to operate it or to implement its industrial plan, the Company has a contractual right to withdraw from the Agreement. Effective on 3 November 2019, the Italian Parliament has removed the legal protection necessary for the Company to implement its environmental plan without the risk of criminal liability, thus justifying the withdrawal notice. In addition, the decisions issued by the criminal court of Taranto bind the Ilva extraordinary Commissioners to complete certain prescriptions by 13 December 2019 - a term the Commissioners themselves deemed impossible to meet - failing which blast furnace number 2 will be shut down. Such prescriptions should also reasonably and prudentially be applied to the other two blast furnaces at the Taranto plant. The shutdown would make it impossible for the Company to implement its industrial plan, operate the Taranto plant and, generally, perform the Agreement. Other serious occurrences, independent of the Company's will, have also led to a situation of legal and operational uncertainty that has further significantly impaired the ability to carry out the necessary operations at Ilva and operate the Taranto plant. All the mentioned circumstances also entitle the Company to terminate the Agreement under the applicable provisions and principles of the Italian Civil Code. In accordance with the content of the Agreement, the Company has asked the extraordinary Commissioners to take responsibility for Ilva's operations and employees within 30 days from the receipt of the notice of withdrawal and termination.

MT ArcelorMittal
$15.82

1.005 (6.79%)

06/12/19
GSCO
06/12/19
UPGRADE
GSCO
Buy
ArcelorMittal upgraded to Buy from Neutral at Goldman Sachs
Goldman Sachs analyst Eugene King upgraded ArcelorMittal to Buy from Neutral with a price target of EUR 19.50. While the European steel market "remains tough," share prices have gone below intrinsic valuations given the market conditions, King tells investors in a research note. The analyst believes the combination of capacity cuts led by ArcelorMittal, a potential review of the European Commission's safeguarding measures by August, the lack of balance sheet "stress" and iron ore price moderation will drive improved outlook for European Steels in the second half of 2019.
06/26/19
JEFF
06/26/19
NO CHANGE
JEFF
Nucor flat rolled price increase likely to help sentiment, says Jefferies
After Nucor (NUE) announced a $40/t flat rolled price increase yesterday, which was the first increase since February, Jefferies analyst Martin Englert said he thinks peers are likely to follow. While the increase may not immediately raise prices, it is a move in the right direction that aids more positive sector sentiment, Englert tell investors. The analyst, who advises investors to increase exposure to steel stocks, names Nucor, Steel Dynamics (STLD), Cleveland-Cliffs (CLF) and Commercial Metals (CMC) as his top U.S. picks Other publicly traded companies in the steel space include AK Steel (AKS), ArcelorMittal (MT), TimkenSteel (TMST) and U.S. Steel (X).
09/03/19
FBCO
09/03/19
INITIATION
Target $29
FBCO
Outperform
ArcelorMittal initiated with an Outperform at Credit Suisse
Credit Suisse analyst Carsten Riek started ArcelorMittal with an Outperform rating and $29 price target.
10/07/19
DBAB
10/07/19
NO CHANGE
Target $18
DBAB
Buy
ArcelorMittal price target lowered to $18 from $25 at Deutsche Bank
Deutsche Bank analyst Bastian Synagowitz lowered his price target for ArcelorMittal to $18 from $25 and keeps a Buy rating on the shares ahead of the company's Q3 results. The analyst expects a "soft" quarter, saying "weak" margins will hit the profit line while volumes will be impacted by both seasonality and weak demand.

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