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BlueScope Shuts Site after Port Kembla Steelworks Accident Kills Worker

A man has been killed in a workplace accident at Port Kembla steelworks after he became trapped between a car and a crane. BlueScope confirmed the man was an employee of Southern Commercial Divers, and that wharf operations had been halted while his death was investigated. BlueScope’s general manager of manufacturing Dave Bell said “The man, an employee of Southern Commercial Divers, was working at the wharf known as Berth 112. Emergency services were called to site, but the man could not be revived. BlueScope has shut wharf operations until such time as the police advise operations may resume. This is an unexpected and tragic event that has shocked the whole site.”

New South Wales and Wollongong Police District officers are investigating the circumstances surrounding his death. A report will be prepared for the coroner.

Source : Strategic Research Institute
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IREPAS Short Range Outlook May 2020

Impact of Covid-19 starts to hit home across the global long steel market - The supply and demand situation in the global long steel products market has deteriorated as global economies are doing much worse today thanks to protectionist measures and the Covid-19 pandemic. There is oversupply of almost everything, except those items that suddenly end up being in short supply due to impacts on the supply chain. This does not include ‘shortages’ that are due to consumers not being able to afford the asking price and preferring not to buy at all.

More output cuts possible in May - Many mills were able to manage the situation in April thanks to orders received in February, although lots of them reduced output. We may see more output cuts in May as the lockdowns will probably continue until June. The negative impact of the lockdowns on the overall economy should also be felt by the steel industry.

Situation in Brazil deteriorates - In Brazil, the situation has gotten worse because the main markets like the US and the EU are still in the middle of the crisis. Brazilian mills are operating at only 41 percent of capacity and the drop in April sales will be 50 percent, according to IABR. Also, the steel sales forecast for the second quarter is for a drop of 40 percent compared to the first quarter, while a drop of 20 percent in sales may be seen this year compared with 2019.

Depression highly likely in EU following lockdown - The supply and demand situation has worsened in the EU, also as demand for EU products is declining since a majority of the world economies are on lockdown. It is highly likely that the EU will experience a depression after the lockdown and that many insolvencies will be observed as banks and credit insurance companies are not able or not willing to support the needs of the economy by lending cheap money and maintaining coverage limits. On the contrary, the majority of them have already started to cut back to protect themselves. Unemployment in the EU may reach the levels seen back in 2008 and 2009.

US also faces worsening crisis, steel pipe and oil tool segment hit hardest - The situation is worse also in the US market. There are too many suppliers willing to sell even at cost level in order to carry on, even though there are not many opportunities left. Domestic prices are similar to the prices of imports from Mexico or Canada and cheaper than those from the countries subject to Section 232 duties. Although construction projects are considered essential, states in the northeast have mostly been closed. Construction in the US was slow in April and it looks like May will see only a minor improvement. Credit insurance companies were faster than any of their users in cancelling or reducing credit insurance for all steel-related companies, thus adding fuel to the fire. Oil prices have sunk to historic lows, creating a serious negative outlook for the whole steel pipe and oil tool manufacturing industry. Many companies are expected to downsize or to become insolvent in the US oil-producing states, particularly in Texas. This will negatively affect commercial building, housing construction and even auto manufacturing in the US.

Scrap-based steel segment seems to have fared better during the crisis - Scrap-based steel industries seem to have fared better during the crisis. Blast furnaces have in many cases been idle as a result of the closures of the automotive sector in Europe and the US. Long steel production has been continuing at relatively decent rates. Scrap availability has been heavily reduced during the lockdown period. The markets held up somewhat in April as a result of lower raw material availability and the backlog of orders. May will see low industrial activity and possibly limited demand for finished products. This could be mitigated by Europe and the US reopening gradually in May.

Signs in some regions that markets could reopen sooner than expected - When we see the end of the Covid-19 pandemic, we will see more demand and an increase in business activities that might boost market conditions. There are signs in some regions that the markets could be open sooner than expected. The Far Eastern markets seem to be getting back to normal. It is also a good sign that people in Western countries may be back out on the streets by June or July. Governments will surely focus harder than ever on how to stimulate their economies. China opening up and stimulus activities throughout the world will buoy the markets for some time when the reopening takes place.

China is recovering rapidly, mainly in construction, active in billet imports - China is recovering rapidly, mainly in the construction sector, which is boosting the demand for rebar and billet. Chinese steel exports are still under control. In fact, Chinese companies are active in the market importing billets.

Construction in EU could be a focus for economic stimulus - The construction industry in the EU is still doing fine and it may be a target industry if the EU or individual European governments want to stimulate the economy. Domestic production both in the EU and the US has been reduced due to the temporary closure of some steel mills. This may help stop the further erosion of prices.

Long products perform better than flat products - Long products are faring better than flat products. In fact, the market circumstances were not bad between October 2019 and April 2020. The volumes are the problem for the time being.

Competition depends very much on the region, tough for producers - Competition in the market depends very much on the region and from which angle we view competition. From the producers’ point of view, competition is tough since demand is low and almost all producers are after what is available in the market. Thus, competition is still high since the buying regions are so limited. In fact, the only active market is China, which is importing semi-finished products. But from a general perspective, there is not much competition for the amount of global trade. For instance, the level of competition within the EU market is declining, with closed borders even inside the EU, and very high transport costs from certain regions. Also, there is much more protectionism preventing imports anyway.

Outlook for the next quarter may be described as unstable - The current status of the market can still be described as unstable and unpredictable. Steel producers will probably recover quicker than demand, which may put pressure on pricing in the market. Hence, the outlook for the next quarter may also be described as unstable taking into consideration the lack of demand and low prices, even though at the same time the outlook is for an improvement on the current situation.

International business may be further restricted by additional protectionism - The world may be restricted even more as far as international business is concerned. We may see more protectionist decisions. The European Commission is already considering lowering the quotas for steel imports. Every country will try to protect what is theirs, meaning tougher protectionist measures. Exporters will feel more pressure with the declining international trade volumes, especially in the markets dominated by Russian suppliers who have no concerns about raw material or energy prices and who have the cheapest production costs. Therefore, overcapacity will probably be more of a domestic subject rather than a global issue.

Source : Strategic Research Institute
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Global Manufacturing PMI in April Slumps to Lowest Level Since Financial Crisis of 2008-09

The economic disruption resulting from the outbreak of coronavirus disease COVID-19 continued to hit global industry hard during April. Rates of contraction in output and new orders were among the steepest registered in the 22-year survey history and the worst since the global financial crisis of 2008/09. Business confidence took a severe knock, falling to a fresh record-low. The cyclically sensitive new orders-to-inventory ratio also fell to its lowest ever level. The J.P.Morgan Global Manufacturing, a composite index produced by J.P.Morgan and IHS Markit in association with ISM and IFPSM, fell to 39.8 in April, its lowest level since March 2009. The downturn in the headline index was softened by the recent relative resilience of the Mainland China PMI. The Global Excluding Mainland China PMI reading was 35.8, down from 46.2 in March.

Key findings
Output and new orders fall at near-record rates
New export intakes fall to greatest extent on record
Business confidence at lowest ebb in series history

Manufacturing production and new orders suffered similarly steep contractions during April, with rates of reduction the third and fourth sharpest in the survey history respectively. International trade flows also ground to a sudden halt, with new export order intakes falling to the greatest extent on PMI record. New Export Orders indices fell to record lows in almost all nations, the exceptions being Japan, China and Taiwan, which still signalled declines nonetheless.

The vast majority of the nations covered saw their output and new orders indices drop to series lows. This included all of the countries included in the eurozone PMI (Germany, France, Italy, Spain, the Netherlands, Austria, Ireland, and Greece), the UK, Poland, Russia, Czech Republic, Canada, Mexico, India, Turkey, Indonesia, Vietnam, Malaysia, the Philippines, Australia, Brazil, Colombia, Myanmar and Kazakhstan.

Other nations tended to see near-record reductions, includingthe US, Japan and South Korea. The main exception was China, which was the only nation to see a slight increase in production and by far the weakest decrease in new order intakes. If China data are excluded from the global index calculations for output and new orders the readings would be the lowest and second-lowest on record, respectively

Global manufacturing employment fell at the quickest pace in almost 11 years in April. All of the nations covered saw staffing levels decline, with almost all also seeing accelerated job losses. This included 13 countries registering a surveyrecord drop in workforce numbers (including the UK, India, South Korea, Canada, Mexico, Australia, Malaysia, Vietnam and Indonesia).

April saw both input costs and selling prices fall. The rate of decline in output charges was the steepest in the series history. COVID-19 caused massive disruption to global supply chains, with average vendor delivery delays the steepest in the 22-year survey history.

Olya Borichevska, Global Economist at J.P.Morgan, said “The continued impact of the global COVID-19 pandemic caused significant disruption to industrial activity during April. Output and new orders contracted at near surveyrecord rates as demand, international trade flows and economic sentiment were all constrained by restrictions to stop the virus spreading, company closures and shortages of material and labour. Only time will tell how permanent the damage to global supply chains is, although moves in many nations to loosen lockdowns may provide a guide over the coming weeks and months.”

Source : Strategic Research Institute

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Nieuwe kredietfaciliteit voor ArcelorMittal

Gepubliceerd op 7 mei 2020 23:52 | Views: 1.230

ArcelorMittal 07 mei
10,21 +0,65 (+6,77%)

LUXEMBURG (AFN/BLOOMBERG) - Staalbedrijf ArcelorMittal heeft een nieuwe kredietfaciliteit afgesloten. Daarmee wil het in Amsterdam genoteerde bedrijf zijn financiële positie verbeteren tijdens de coronacrisis.

De nieuwe faciliteit bestaat uit een tranche van 700 miljoen dollar en een van 2,1 miljard euro. Dat krediet is een jaar beschikbaar en gebruikt worden voor algemene bedrijfsdoeleinden.
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Rode cijfers voor Nippon Steel

(ABM FN-Dow Jones) Nippon Steel heeft in het boekjaar 2019, dat in Japan fiscaal eindigde op 31 maart 2020, de omzet zien afnemen en dit zien resulteren in rode cijfers. Dit maakte het staalconcern vrijdag bekend.

Nippon Steel meldde een omzet die met 4,2 procent op jaarbasis daalde naar 5,9 biljoen yen. Het nettoresultaat draaide van een winst van 251 miljard yen naar een nettoverlies van 432 miljard yen.

De kaspositie van het bedrijf steeg wel, van 163 miljard naar 289 miljard yen.

Nippon Steel ondervond vooral in het laatste kwartaal veel tegenwind door de uitbraak van het coronavirus en alle gevolgen van dien.

Dividend

Er wordt over het gehele boekjaar een dividend van 10,00 yen per aandeel uitgekeerd, stevig minder dan de 80,00 yen per aandeel die over het voorgaande boekjaar aan de aandeelhouders werd betaald.

Outlook

Het bedrijf stelde vrijdag geen outlook te kunnen geven, omdat het volgens Nippon Steel momenteel niet mogelijk is onder de huidige omstandigheden een betrouwbare verwachting te formuleren.

Het aandeel Nippon Steel won vrijdag 7,1 procent.

Door: ABM Financial News.
info@abmfn.nl
Redactie: +31(0)20 26 28 999

© Copyright ABM Financial News B.V. All rights reserved.
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ArcelorMittal wil 2 miljard dollar ophalen

FONDS KOERS VERSCHIL VERSCHIL % BEURS
ArcelorMittal
9,058 -1,236 -12,01 % Euronext Amsterdam

(ABM FN-Dow Jones) ArcelorMittal is van plan om met de uitgifte van driejarige converteerbare obligaties 2,0 miljard dollar op te halen. Dit maakte de staalreus maandagmiddag bekend.

De uitgifte moet volgens ArcelorMittal worden gezien als een voorzorgsmaatregel. Eind dit jaar wil het bedrijf de schulden hebben terugbracht naar 7 miljard dollar. Eind maart was dit 9,5 miljard dollar.

De familie Mittal zal 10 procent van de uitgifte voor zijn rekening nemen.

Het opgehaalde geld zal de staalreus gebruiken voor algemene doeleinden, het aflossen van schulden en het vergroten van de liquiditeit.

Eind maart dit jaar had ArcerlorMittal voor ongeveer 10 miljard dollar aan liquiditeit.

De uitgifte van ArcelorMittal volgt nadat Moody's de kredietrating van de staalproducent vrijdagavond verlaagde naar Ba1, wat gelijk staat aan een zogeheten junk status.

Door: ABM Financial News.
info@abmfn.nl
Redactie: +31(0)20 26 28 999

© Copyright ABM Financial News B.V. All rights reserved.
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Nippon Steel Adjusting Blast Furnace Operations

Nippon Steel Corporation has been lowering the tapping ratio of blast furnaces, extending the time between blasting, and taking other measures to reduce overall steel output volume. Responding to the immediate sharp drop in demand for steel products, however, Nippon Steel has decided to implement additional measures. Move up the scheduled blow off, suspension of operation to renovate the No 2 blast furnace of Hokkai Iron & Coke Corporation that has the pig iron facilities in the Muroran Works from the beginning of July 2020, as soon as preparations are completed. The banking of the No 2 blast furnace at the Kyushu Works Yawata area in Kokura will be carried out from the beginning of July 2020, as soon as preparations are completed. The No 2 blast furnace was planned to be shutdown by around the end of first half of FY2020

Banking is to take measures to temporarily stop blast furnace production but make it possible to restart production at a later date by stopping the air blast flow.

We intend to continue responding to changes in steel demand in Japan and overseas and carrying out prompt and effective production adjustment.

Nippon Steel Corporation Blast Furnace Banking Date
Setouchi Works’ Kure No 2 blast furnace - February 15th 2020
East Nippon Works’ Kashima No 1 blast furnace - April 15th 2020
Kansai Works’ Wakayama No 1 blast furnace - April 25th 2020
East Nippon Works’ Kimitsu No 2 blast furnace -Mid May 2020, as soon as preparations are completed.

Source : Strategic Research Institute
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China’s Steel Exports & Import Numbers for April 2020

According to the latest statistics from General Administration of Customs, China’s steel exports in April 2020 totalled 6.32 million tonnes, almost flat from the 6.33 million tonnes shipped in April 2019. In the January-April 2020, China exported 20.60 million tonnes of finished steel, down 11.7 percent year on year. On the other hand, China imported 1.01 million tonnes of finished steel in April 2020, down 11.5 percent compared to 1.11 million tonnes in March 2020. Overall imports amounted to 4.18 million tonnes in the January-April 2020, increasing by 7.4 percent year on year. The firm demand in the local Chinese market contributed to high China's imports of steel in the January-April period, while imports are expected to increase further in the May-June period

According to the latest statistics from General Administration of Customs, China’s iron ore imports in April 2020 totalled 97.27 million tonnes as compared to of 85.91 million tonnes in March 2020 and 80.77 million tonnes in April 2019. Chinese demand for ore has been fuelled by mills ramping up production on an early recovery in construction activity and expectations that more government stimulus for infrastructure will revive consumption. In the first four months of the year, China brought in 360 million tonnes of iron ore, up 5.8% from 340.21 million tonnes in the same period in 2019.

Source : Strategic Research Institute
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NCLT Refuses ARC Petition against Indian Steel Corporation

Economic Times reported that National Company Law Tribunal has refused to admit an insolvency petition filed by India Resurgence Asset Reconstruction Company, a joint venture between Piramal Enterprises and Bain Capital, against Indian Steel Corporation, calling it defective. Order by judges Rajasekhar VK and Ravikumar Duraisamy said “There was no document placed on record acknowledging the liability in the three-year period commencing from December 31, 2013, which would have the effect of extending the period of limitation, the period within which legal action could be initiated or a right enforced. The petition filed by the financial creditor India Resurgence ARC is, therefore, defective to the extent indicated.”

The asset reconstruction company had approached the Mumbai bench of the NCLT, claiming that the Gujarat-based maker of cold rolled steel had failed topay INR 1,487.59 crore of debt. ARC had acquired debt in May last year from State Bank of India.

Source : Strategic Research Institute,
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Assofermet Makes Suggestion to EC Regarding Steel Import Quotas

Italian association of local steel and scrap distributors Assofermet has sent a letter to the EU Commission last week regarding the review of the safeguard measures on imports of certain steel products and the impact of the Covid-19 emergency on the steel market. Assofermet has made four requests relating to the revision process of the safeguard mechanisms in progress.

The quotas of current imports must remain unchanged since a sort of compensation for the demand lost in the third quarter of the year is expected with an increase in requests that would be difficult to satisfy without the contribution of imports.

The 30% cap for the individual country must also remain unchanged . It has proven to be effective by preventing all quotas from being acquired by a single country.

Quarterly quotas must be abolished in order to offer benefits to both producers and distributors, thanks to more harmonious order flows. The current system in fact leads to concentrating most of the purchases in very short spans of time generating volatility.

The mechanism envisaged for relaxation could follow the Esta proposal , which instead of an increase in volumes would instead focus on a duty discount from the current 25% to 20% to harmonize the system according to the new scenario.

Source : Strategic Research Institute
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Dutch and British Tata Steel Units May Break Apart - Volkskrant

Dutch media Volkskrant, citing sources, reported that the Dutch and British arms of Tata Steel, 20 years after Hoogovens and British Steel merged to form Corus, may be on the verge of breaking apart.Sources said “Given that just the British arm of the company has applied for state support equivalent to EUR 565 million, a break up would appear to be inevitable to make sure British taxpayers’ money does not end up in the Netherlands.”

One source told the paper that a independent future for the two units and the bankruptcy of the British arm’ is being discussed with the management and non-executive boards.

In April Tata Steel said it was delaying a planned reorganisation of its European arm until July at least, because of the coronavirus crisis. The company had wanted to cut 3,000 jobs and slash costs in an effort to restore profitability. Almost 1,000 of the 11,000 jobs in IJmuiden would have been scrapped.

Source : Strategic Research Institute
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China Imposes Anti-Dumping Duties on Seamless Pipe Imports from US & EU

China's Ministry of Commerce announced that it will continue to impose anti-dumping duties on imports of alloy-steel seamless pipes from the United States and the European Union. The latest measures took effect on Sunday and will last five years

High temperature and high pressure alloy steel and seamless steel tubes are mainly used in supercritical and ultra-supercritical boilers and steaming-water pipes in power stations.

Source : Strategic Research Institute
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US DOC Initiates AD & CVD Probe on imports of PC Steel Wire Strand from 15 countries

US Department of Commerce announced the initiation of antidumping and countervailing duty investigations to determine whether prestressed concrete steel wire strand from Argentina, Colombia, Egypt, Indonesia, Italy, Malaysia, the Netherlands, Saudi Arabia, South Africa, Spain, Taiwan, Tunisia, Turkey, Ukraine, and the United Arab Emirates are being dumped in the United States, and to determine if producers in Turkey are receiving unfair subsidies. In the AD investigations, Commerce will determine whether imports of PC strand from these 15 countries are being dumped in the US market at less than fair value.

The alleged dumping margins are as follows:
60.40 percent for Argentina
86.09 percent for Colombia
29.72 percent for Egypt
72.28 percent for Indonesia
30.61 percent for Italy
39.57 percent for Malaysia
30.86 percent for the Netherlands
194.40 percent for Saudi Arabia
155.10 percent for South Africa
38.57 percent for Spain
23.89 percent for Taiwan
53.11 percent for Tunisia
53.65 percent for Turkey
17.70 and 53.83 percent for Ukraine
170.65 percent for the United Arab Emirates

In the CVD investigation from Turkey, Commerce will determine whether Turkish producers of PC strand are receiving unfair government subsidies. Commerce will investigate 21 subsidy programs, including tax programs, government provision of goods for less than adequate remuneration, import substitution subsidies, grants, and government provided loans.

The petitions were filed by Insteel Wire Products Company of Mount Airy, Sumiden Wire Products Corporation of Dickson and Wire Mesh Corporation of Houston.

If Commerce makes affirmative findings in these investigations, and if the US International Trade Commission (determines that dumped and/or unfairly subsidized US imports of PC strand from these 15 countries materially injure, or threaten material injury to, the US industry, Commerce will impose duties on those imports in the amount of dumping and/or unfair subsidization found to exist.

Source : Strategic Research Institute,
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Infrastructure Projects to Boost Steel Demand in India - RINL CMD

Rashtriya Ispat Nigam Ltd CMD Mr PK Rath told PTI “The implementation of big ticket infrastructure projects will lead to a sharp jump in steel demand, which has taken a hit due to COVID-19 pandemic. The government has already given some relaxations from April 20 onwards to help industries across the sectors. It has also announced investment into big ticket infrastructure projects. Implementation of these projects will shoot up the steel demand significantly. If everything goes fine, the industry is going to look up in the second quarter, when the demand will start coming.”

He added that “The outbreak of COVID-19 pandemic followed by the lockdown has impacted production, sales and dispatch of steel in India. Steel demand contracted by about 6-7 per cent in the financial ended March 31, 2020. The slowdown in industries like construction, auto and infrastructure, which together consume about 80 per cent of steel production, during the lockdown led to a slump in demand of steel in the country and as a result inventory levels have increased. RINL has built up inventory level of about 8 lakh tonnes and because of this a large portion of working capital has been locked. Due to the lack of demand, buyers are also reluctant in placing orders. Our aim is to clear the stock as soon as possible”

Rath further said that India will need to take precautionary measures to protect domestic steel sector as countries like China, which have huge inventory build up, may try to dump their products when demand rises in India.

Source : Strategic Research Institute
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Iranian Steel Producers Obliged to Offer 60% of Output at Iran Mercantile Exchange

Iranian media IRIB reported that the Iranian government has obliged the country’s steel companies to offer at least 60 percent of their annual production at the commodity exchange market. According to the Islamic Republic of Iran's Customs Administration, steel ingot producers must also plan for 25 percent of their remaining production to be allocated for exports, and the rest will also be set aside for long-term contracts or exports

Based on the new regulations by the country’s market regulation committee, steel ingots can only be traded at the country’s commodity exchange and the companies that do not follow the mentioned regulations will face legal penalties.

Source : Strategic Research Institute
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Thyssenkrupp Overhaul Must Happen Faster due to COVID-19 - CEO

Reuters reported that Thyssenkrupp chief executive Ms Martina Merz in a note to staff said that Thyssenkrupp has less time for a wide-ranging restructuring plan than previously thought as the coronavirus pandemic is significantly burdening the already ailing conglomerate. “The difficult economic situation at Thyssenkrupp is being significantly intensified by corona. The company is in a serious situation.”

In her note, Ms Merz said restructuring moves, cost cuts and, above all, measures to increase sales that the group had planned to implement over the next two to three years needed to be implemented significantly faster due to the pandemic. She wrote “Moving boundaries, thinking boldly, not ruling anything out - we really need to buckle down to the next plan.”

Ms Merz said the longer the pandemic lasted the more it was eating up the expected proceeds from the sale of its elevators unit, adding management would discuss this with the supervisory board on May 18.

Source : Strategic Research Institute
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Saudi Steel Pipe to Operate Dammam Plant at 30% Capacity

Saudi Steel Pipe Co’s informed bourse that its facilities in Dammam Industrial City II will operate at 30% capacity until further notice. It said “The step is in line with the government’s decision to apply additional measures to isolate the industrial city and prevent entries or exits to contain spread of COVID-19. The company will announce any related developments in due course, the statement said, adding it is closely monitoring COVID-19 on a global level.”

In April, SSP said production facilities were operating at a lower capacity amid the government’s precautionary measures.

Source : Strategic Research Institute
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ArcelorMittal haalt 2 miljard dollar op

FONDS KOERS VERSCHIL VERSCHIL % BEURS
ArcelorMittal (NYSE)
$ 9,19 -2,24 -19,60 % NYSE

(ABM FN-Dow Jones) ArcelorMittal wil 2 miljard dollar ophalen met de uitgifte van nieuwe aandelen en converteerbare obligaties. Dit meldde de staalreus dinsdag voorbeurs, nadat het maandag al een eerste aankondiging deed.

De staalreus geeft voor 750 miljoen dollar aan nieuwe aandelen uit, wat neerkomt op circa 80,9 miljoen aandelen tegen een aanbiedingsprijs van 9,27 dollar per stuk. Dat is omgerekend circa 8,57 euro.

Daarnaast geeft ArcelorMittal voor 1,25 miljard dollar aan converteerbare achtergestelde obligaties uit met een looptijd van 3 jaar en een coupon van 5,50 procent per jaar. De minimale conversieprijs van de obligaties is 9,27 dollar.

Het opgehaalde geld zal de staalreus gebruiken voor algemene doeleinden, het aflossen van schulden en het vergroten van de liquiditeit.

Eind maart had ArcelorMittal voor circa 10 miljard dollar aan liquiditeit, aangevuld met een half april aangekondigde kredietfaciliteit van 3 miljard dollar.

BNP Paribas, Crédit Agricole, Goldman Sachs, J.P.Morgan en Société Générale begeleiden de uitgifte.

Door: ABM Financial News.
info@abmfn.nl
Redactie: +31(0)20 26 28 999

© Copyright ABM Financial News B.V. All rights reserved.
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Beursblik: verrassende aandelenemissie ArcelorMittal

FONDS KOERS VERSCHIL VERSCHIL % BEURS
ArcelorMittal
8,349 -0,277 -3,21 % Euronext Amsterdam

(ABM FN-Dow Jones) Het is een verrassing dat ArcelorMittal besloten heeft om nieuwe aandelen uit te geven. Dit schreven analisten van UBS dinsdag.

"We hadden niet verwacht dat ArcelorMittal aandelen zou uitgeven in deze neerwaartse cyclus, terwijl de nettoschuld op het laagste niveau ooit staat", aldus de analisten. Daarbij beschikt de staalreus volgens UBS over een goede liquiditeit en is er voldoende ruimte in de afspraken met de banken.

ArcelorMittal herhaalde bij de laatste kwartaalcijfers nog de verwachting dat de schuld op korte termijn zou dalen naar 7 miljard dollar.

Anderzijds zei de staalreus ook te verwachten in het tweede kwartaal een EBITDA van 0,4 miljard tot 0,6 miljard dollar te realiseren en dat er weinig zicht is op de toekomstige resultaten.

"Indien er geen flink herstel in de tweede helft volgt en de EBITDA rond de 500 miljoen dollar per kwartaal blijft in de tweede jaarhelft, dan komt de EBITDA in 2020 uit op 2,5 miljard dollar en dan wordt de ruimte in de convenanten inderdaad krap", aldus de analisten.

UBS heeft een koopadvies op ArcelorMittal met een koersdoel van 12,00 euro. Het aandeel daalde dinsdag 4,4 procent naar 8,25 euro.

Door: ABM Financial News.
info@abmfn.nl
Redactie: +31(0)20 26 28 999

© Copyright ABM Financial News B.V. All rights reserved.
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