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Outokumpu stelt jaarvergadering uit

FONDS KOERS VERSCHIL VERSCHIL % BEURS
Outokumpu Oyj
2,317 0,00 0,00 % Helsinki Stock Exchange

(ABM FN-Dow Jones) Outokumpu heeft zijn jaarvergadering uitgesteld in verband met de coronacrisis. Dit maakte de Finse fabrikant van roestvaststaal woensdag voorbeurs bekend.

De jaarvergadering stond gepland op 31 maart van dit jaar, maar wordt nu verdaagd naar een nog nader te bepalen datum.

Tevens wordt het deelnemersaantal aan de publieke bijeenkomsten die het bedrijf doorgaans belegt beperkt tot 10.

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 USA Taking Coronavirus COVID-19 Precautions

ArcelorMittal USA has taken steps like banning visitors, employee training and meetings with vendors for the time being. ArcelorMittal is no longer hosting visitors at its plants, has postponed or cancelled employee training, and has banned business air travel through April 15. ArcelorMittal spokesman William Steers said "ArcelorMittal is committed to taking all necessary precautions to protect the health and well-being of our employees, contractors, vendors and customers to ensure the continuity and sustainability of our business and communities. While all ArcelorMittal USA plants and offices will remain open, our most important asset is our people, and in order to continue to live our health and safety values, we are taking measures to keep our families, operations, customers, and visitors safe."

Steers said "Employees that have the ability to perform their jobs remotely are allowed to work from home where the school district in an employee's work location or their residential school district closes due to COVID-19. These employees are permitted to work from home for the duration of the closure as long as they have the capability to do so. Vendors can only come to ArcelorMittal USA mills if approved by the plant manager, and all sales activities and meetings have been called off. Vendors have been notified that their employees must be free from any signs of respiratory illness before they enter any steel mills.”

ArcelorMittal USA is also encouraging social distancing and instructing employees to immediately contact their manager if they show any COVID-19 symptoms, such as fever, cough or shortness of breath, whether at home or at work. Managers have the authority to send employees home if exhibiting symptoms. Anyone who tests positive for coronavirus has been instructed not to report for work and may be eligible for benefits. Some salaried employees also are being allowed to work from home. Workers were told to maximize the use of conference calls and Skype, and to try to keep six feet away from each other.

Source : Strategic Research Institute
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Italian Steel Sector under Cornavirus COVID-19 Lockdown

With Cornavirus COVID-19 outbreak reaching unimaginable levels, steel mills in Italy are reported to be hit by total lockdown measures taken by Italian government. ArcelorMittal Italy confirmed that it will cut production because of the virus, which has resulted in original equipment manufacturers and flat steel processors temporarily shutting down. ArcelorMittal confirmed that production will be reduced at Taranto, with the workforce more than halved to around 3,800. The shutdowns will include blast furnace number two, steelmaking shop one, hot-strip mill one and the cold-rolling mill, and will be implemented within the next week, with some shutdowns already in progress.

According to market sources Arvedi is joining fellow producers in slowing output after a number of customers decided to temporarily shut down or reduce production. Arvedi will cut two days of production, by operating on weekdays only. Its flagship steelworks are located in Lombardy, the Italian region most severely affected by coronavirus. The company has previously said that its production and logistics were unaffected by the government restrictions imposed to try and tackle the spread of coronavirus.

Stainless and tool steel maker Cogne Acciai Speciali said that production activity will resume regularly on Monday 23rd March, following a one-week suspension required to proceed as required by the recent Prime Ministerial Decree of March 11th, 2020 and in agreement with Industrial Trade Unions to an extraordinary sanitization of the factory in order to protect the health and safety of our workers and their families. It said “Therefore, even if our industrial production will stop, throughout the next week our shipping and receiving operations will be guaranteed - also thanks to the presence of warehouses previously set up to maintain a constant supply chain. In addition, commercial and administrative activities will also be operational.”

The Federation Of Employees and Metallurgical Workers Fiom said “Even today, the initiatives of workers continued throughout the national territory, as well as discussions with companies to claim the full application of the Protocol signed by Confindustria and Cgil, Cisl and Uil for the protection of workers' health and safety. The many strike initiatives of these days together with company management have allowed hundreds and hundreds of agreements to be made for the suspension or reduction of work activities with the use of redundancy funds. There are also many agreements made using the contractual instruments provided for by the CCNL pending the formalization by the government of the law decree which introduces social safety nets and income support measures for workers. The link below outlines the framework of the initiatives and agreements signed and the evolution of the situation in the main factories, in the national groups and in the territories.”

translate.googleusercontent.com/trans...

Source : Strategic Research Institute
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Voestalpine Braces against Coronavirus COVID-19Spread in Austria

Austrian steel maker Voestalpine is evaluating which parts of production can be continued, must be reduced or halted due to the spread of the coronavirus. It said “The health of our employees is of paramount importance to voestalpine. The company started taking measures appropriate to the situation immediately following the emergence of the coronavirus in China, drawing up recommended courses of action for its employees, suppliers, and partners. These are reassessed and adjusted on an ongoing basis. Furthermore, a broad range of communication measures ensure that the global workforce is supplied with comprehensive information which is updated daily. All measures are closely coordinated with the public authorities, and comply with the current regulations. voestalpine is in constant communication with the authorities and works council, and is assessing the situation on a daily basis. All the relevant Group units are represented on a Corona Task Force which is in constant coordination with the Chairman of the Management Board of voestalpine AG.”

It said “Over the past few days, rigorous measures have been implemented in most countries, especially in Austria, location of voestalpine AG headquarters, to contain the spread of the disease as quickly as possible. voestalpine wholeheartedly supports these statutory measures. Many voestalpine employees are already working from home where operational circumstances permit. The option of working from home will be extended further over the coming days, to cover all the group companies.”

It added “As a manufacturing company, voestalpine also has many facilities which cannot operate unless staff are physically present. We are currently examining which production areas can continue to operate in compliance with all the legal regulations, and which will need to significantly reduce operations or even be completely shut down. Employees in production, plant maintenance, and other operationally-critical areas will continue working on site until further notice. Here the highest priority will be given to safety measures designed to protect health and maintain hygiene.”

ource : Strategic Research Institute
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2 Employees Test Cornavirus COVID-19 Positive at Thyssenkrupp Neuhausen Elevator Plant

German industrial giant Thyssenkrupp has suspended production at its German elevator factory until the end of the month after two employees tested positive for the rapidly-spreading coronavirus. It said “Production at the Neuhausen plant near Stuttgart was halted on March 16 for a period of 14 days and administrative staff has been asked to work from home until April 9.”

Thyssenkrupp last month agreed to sell its elevator division to a private equity consortium of Advent, Cinven and Germany’s RAG foundation for 17.2 billion euros to raise funds and cut debt.

Source : Strategic Research Institute
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ArcelorMittal Poland Postpones Krakow Blast Furnace Restart as Cornavirus COVID-19 Spreads

ArcelorMittal Poland announced that it has decided to postpone the restart of the blast furnace at its Krakow plant. It said that the decision not to restart in the second half of March, as originally planned, results from the uncertainty resulting from the spreading of the COVID-19 in Europe and the unpredictable situation that lies ahead of us. ArcelorMittal Poland Board CEO and chairman Marc De Pauw said “We need to take full responsibility for our employees and our operations. Taking into account the uncertainty we are faced with and the fact that we have no visibility regarding the impact of the transmission of COVID-19 in Europe, this is the only right decision to be taken. At the same time, I would like to underline that we are monitoring the developments closely and that we stand by our earlier declarations regarding the restart of the installations in Krakbw when normalcy is restored.”

ArcelorMittal Poland had decided to restart its primary operations in Krakow, which had been idled temporarily at the end of November 2019 due to deteriorating market conditions on February 3rd. It had said “The decision to restart is driven by the need for supply of slabs to the plant at Gent where a blast furnace reline is planned, and to mitigate production losses at other plants in ArcelorMittal Europe. The company believes that it should be able to restart both the blast furnace and the steel shop in Krakow in the second half of March, the final date depending on how long the preparations will take.”

Source : Strategic Research Institute,
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US Steel Taking Measures to Contain Coronavirus COVID-19 Spread

US Steel has taken several measures to minimize risks to its workforce, including cancellation of all non-essential business travel, limiting outside visitors to our facilities, encouraging employees to avoid large gatherings and implementing the use of telephonic or video conferences to conduct business. US spokeswoman Meagan Cox said "We continue to monitor the situation and communicate that information regularly throughout our organization, including preventative tips. Contingency planning within our organization remains ongoing and we will activate these plans as circumstances warrant. We have taken several measures to reduce risks to our workforce, including cancellation of all non-essential business travel, limiting outside visitors to our facilities, encouraging employees to avoid large gatherings and implementing the use of telephonic or video conferences to conduct business.

The steelmaker does not at this point expect a disruption in production. Cox said. "At present, US Steel is not experiencing issues in the United States with essential materials. As a routine procedure, we have been in contact and tracking all raw materials since the outbreak. While we see no current signs of delivery issues, we have contingency plans in place. The coronavirus does, however, highlight general supply chain vulnerabilities, which is a primary reason why we believe a strong domestic steel industry is needed. Products that are made and used domestically are more sustainable since they avoid national security risks, supply disruptions and the environmental cost of transoceanic shipment."

Source : Strategic Research Institute
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Malaysian Steelmakers Suspend Production as Coronavirus COVID-19 Spreads

A sudden weekend spike saw the coronavirus case count nearly triple, prompting Prime Minister Mr Muhyiddin Yassin to order on March 16 a nationwide restriction of movement that takes effect on Wednesday until the end of the month. Platts reported that Malaysian were scrambling for further details and asking the relevant ministries to allow steel production to continue. However it seems that most had resigned themselves to complying with the suspension.A source from a mini-mill said his company was shutting down production till March 31, when the government's two-week order expires. EAF steel maker said "Even if some mills are to continue production, there might be issues with raw material deliveries as well. That would have hindered production either way."

Another steelmaker said "With the situation looking like this in 2020, this year is going to be far worse than last year. We will be suspending the furnace till further news. Electric arc furnace mills will be better able to react to such suspensions than their blast furnace counterparts."

Source : Strategic Research Institute
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AMNS Luxembourg Holding signs Loan Agreement

AMNS Luxembourg Holding SA, the parent company of the AM/NS India joint venture between Nippon Steel Corporation and ArcelorMittal, entered into a USD 5.146 billion ten-year term loan agreement with Japan Bank for International Cooperation, MUFG Bank Ltd, Sumitomo Mitsui Banking Corporation, Mizuho Bank Europe NV and Sumitomo Mitsui Trust Bank Limited London Branch. The proceeds of the loan will be used to refinance in full the amounts borrowed by AMNS in connection with the acquisition of ArcelorMittal Nippon Steel India Limited, formerly known as Essar Steel India Limited.

Nippon Steel works with, develops, and applies world-leading technologies and manufacturing capabilities, and contributes to society through activities that match with the United Nations’ Sustainable Development Goals, such as the Goal 9, “INDUSTRY, INNOVATION AND INFRASTRUCTURE.”

Source : Strategic Research Institute
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US Steelworkers Union Calls for Worker Support and Protection during Coronavirus COVID-19

As the global pandemic coronavirus COVID-19 spreads around the world, unions including the United Steelworkers, calls for increased protections and supports for workers. USW National Director Ken Neumann said “As federal and provincial governments in Canada take actions to limit the spread of the virus, we must ensure workers are supported and protected. The USW is concerned for the health and safety of our members. The USW represents many workers who are particularly vulnerable during this time, such as airport screeners and health-care and retirement-home workers. We are reminding our union’s members to stay current with and follow advice from local public health authorities. Many members of our union have powers through our collective agreements to demand action from employers to ensure the health and safety of our members in their workplaces. However, not all workers have unions, and even union workers don’t have all the protections and support they need in these challenging times.”

The USW joins others in the labour movement in calling on federal and provincial governments to take comprehensive action to protect and support workers during the COVID-19 crisis. Neumann said “Measures announced so far by governments are not enough. Time away from work to stop the spread of the virus should not mean loss of income, regardless of job or workplace. Unpaid job-protected leave doesn’t pay the bills.”

USW said “Particularly during this period, workers need additional paid sick days, income supports and other assistance to deal with job loss and work interruptions that will affect their earnings. Government should make additional funds available to provide income relief for health sector workers who may be subject to quarantine or who become sick. Banks, landlords, credit card companies and financial institutions should be instructed to extend and relax mortgage, rent and bill payment requirements, loan servicing obligations and other responsibilities facing consumers and households. As well, the GST/HST credit should be doubled to provide income support to low-income Canadians.”

Source : Strategic Research Institute
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JSPL Mulling Steel Plant at Patratu in Jharkhand

BusinessLine reported that Jindal Steel and Power Ltd is exploring the possibility of setting up a steep plant with capacity of 2-2.5 million tonnes) per annum at Patratu in Ramgarh district of Jharkhand. JSPL President Mining and International Projects Mr Hervinder Singh said “A blast furnace project in Patratu is in active consideration. The raw material is available and we want to produce steel and feed to the mills there. So, a 2 million tonne plant at Patratu is in strong conceiving stage. In fact, the basic engineering has already been done and we are just waiting for the right time to take off. The project, if undertaken, will require an investment of a few thousand crores. Once plans are firmed up and work begins, it will take between two and three years for the plant to become operational.”

On the possibility of further capacity expansion, Mr Singh said, the Angul plant, which currently has a capacity of 5 million tonne, could be scaled up to 20-30 million tonne by 2030-35. He said “We are looking at Angul expansion in a big way. If we have more capacity in one location, then there is an advantage of scale of operations. The Angul plant has all the advantages, including availability of minerals, coast, and world-class technology.”

JSPL currently has a wire rod mill of 0.6 million tonne per annum and a bar mill of 1 million tonne per annum capacity with rebar service centre at Patratu.

Source : Business Line
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Insteel Industries Acquires Assets of Strand-Tech Manufacturing

Insteel Industries Inc announced that its wholly-owned subsidiary, Insteel Wire Products Company has acquired substantially all of the assets of Strand-Tech Manufacturing Inc for USD 22.5 million, subject to certain post-closing adjustments. STM is a leading manufacturer of prestressed concrete strand for concrete construction applications. For the twelve months ended February 2, 2020, STM's sales were USD 29.0 million. Under the terms of the purchase agreement, Insteel acquired, among other assets, STM's accounts receivable, inventories, production equipment and facility located in Summerville, South Carolina. The purchase price is subject to an adjustment to be determined based on STM's closing working capital balance. The transaction was funded from cash on hand.

Insteel plans to close the Summerville facility and move most of its equipment to the Company's other three PC strand production facilities located in Gallatin, Tennessee; Houston, Texas; and Sanderson, Florida. Insteel expects to recover approximately $8.0 million of its initial investment in STM through the sale of the facility and the avoidance of future capital outlays resulting from the redeployment of the equipment.

The consolidation of facilities is expected to result in the elimination of up to 42 positions at the Summerville facility. Summerville employees will be offered employment at Insteel's other facilities, together with relocation and transition assistance. It is anticipated that operations at the Summerville facility will cease by the end of the third quarter of fiscal 2020. Insteel expects to record a restructuring charge of approximately $1.8 million in connection with the closure of the facility.

Source : Strategic Research Institute
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AFL-CIO Petitions US Labor Department for Emergency Coronavirus Standard

The American Federation of Labor and Congress of Industrial Organizations has petitioned US. Secretary of Labor Eugene Scalia to issue an Emergency Temporary Standard under the Occupational Safety and Health Administration in response to the growing coronavirus outbreak. According to the petition, at least 19 million health care, social service, transportation and other workers would be at risk of exposure to COVID-19 if the virus intensifies. The petition says “These are the workers who answer the call when an outbreak occurs, and they deserve to have confidence that the appropriate resources, equipment, training and protocols are readily available in their workplaces to protect themselves, as well as to avoid infecting other people.”

The petition states that the current government recommendations to protect workers fall short and that a new Emergency Temporary Standard should include several provisions, such as an exposure control plan, methods of compliance, medical surveillance and vaccinations, and communication of hazards and training.

The AFL-CIO is asking workers to urge their US representatives to call on OSHA to issue this standard. To find your rep and get connected, click here or call 866-832-1560.

Source : Strategic Research Institute
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Ultramar Orders Iron Ore Pellet Wagon Tippler from SCHADE

At the Baltic Port of Ust-Luga, around 100 km west of St Petersburg in Russia, export capacity is being expanded further by the port logistics company Ultramar. This first-time customer of SCHADE Lagertechnik GmbH has ordered equipment for the outdoor stockyard of a new iron ore terminal. Back in the sales phase SCHADE supplied fundamental technical solutions for the outdoor stockyard design. The order comprises a Portal Reclaimer with a capacity of 2,500 tph and a rail span of 46 m, a rotating Stacker at a capacity of 1,800 tph and boom length of 37 m, and a Wagon Tippler with a capacity of up to 1,800 tph. The SCHADE supply package also includes two Hybrid Apron Feeders with a capacity of over 850 tph each which are being delivered by AUMUND Fördertechnik.

The machines are to stack and reclaim iron ore pellets for Lebedinsky GOK, which describes itself as operating the largest plant in Russia and the CIS for the mining and processing of iron ore, and has been a customer of AUMUND for many years. The specialised SCHADE technology guarantees that the iron ore pellets are not damaged during handling. This is for example achieved by defining a 32-degree tilt for unloading material from the wagons into the bunkers. The boom of the Stacker is structured to tip the fragile pellets with a drop of less than 1 m.

Commissioning of the equipment at Ultramar is planned for the end of 2020 / beginning of 2021.

Source : Strategic Research Institute
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Tata Steel’s TS Alloys Bags Sukinda Chromite Mine in Odisha

Economic Times, citing people aware of the matter, reported that Tata Steel subsidiary TS Alloys has retained the mining rights for the 95.81-million tonne Sukinda chromite deposit in Odisha in the auction by committing to pay the Odisha government 93.75% of the average sale price set by the Indian Bureau of Mines. The mining right is for 50 years. The auction began from a floor price of 93.65% and ended after just two bids and saw participation from Vedanta, MSPL and Rungta. The company will be paying the state an average premium of 93% or INR 93 on INR 100 worth of chromite mined - in addition to taxes and royalty.

Tata Steel has been mining the Sukinda deposit, sometime as a captive lease and then as merchant, since the 1950s. It has a small township in Odisha’s chromite district of Sukinda, with a little school and a small hospital. At 120 m deep, operations at the open-cast mine are set to become costlier when it is eventually converted into an underground mine.

This takes Tata Steel’s chromite resources from the three mines bagged through auctions to a total of 108.6 million tonnes.

Source : Economic Times
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AISC Cancels 2020 NASCC: The Steel Conference Due to Coronavirus Threat

The American Institute of Steel Construction announced that it is canceling the 2020 NASCC: The Steel Conference, which had been scheduled for April 22-24 in Atlanta. AISC's senior vice president and the administrator for the conference Scott Melnick said "Just as the design community and construction industry turns toward AISC for reliable information and advice on steel design and construction, we turn to the Centers for Disease Control and Prevention for health information and advice on dealing with the coronavirus. Yesterday, the CDC recommended that all gatherings of 50 or more people are canceled for the next eight weeks and we will certainly follow that advice."

AISC plans to refund all attendees' registration fees.

AISC is working on delivering at least some of the conference as an online experience.

Source : Strategic Research Institute
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Aperam treft maatregelen vanwege coronavirus

FONDS KOERS VERSCHIL VERSCHIL % BEURS
Aperam
15,805 0,00 0,00 % Euronext Amsterdam

(ABM FN) Aperam zal enkele productielijnen tijdelijk sluiten vanwege de corona-uitbraak. Dit liet de fabrikant van roestvast staal donderdag voorbeurs weten zonder aan te geven wat de financiële gevolgen zijn van deze maatregel.

Naar aanleiding van de verstrekkende overheidsmaatregelen in tal van landen, werd het voor Aperam steeds moeilijker om de productie volledig op gang te houden. Daarom werd beslist enkele productielijnen in Europa te sluiten.

Toch valt de impact voor klanten mee, stelde Aperam.

De herstart van de lijnen is afhankelijk van de ontwikkeling van de coronapandemie.

Door: ABM Financial News.
pers@abmfn.be
Redactie: +32(0)78 486 481

© Copyright ABM Financial News B.V. All rights reserved.
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ArcelorMittal brengt productie terug vanwege coronacrisis

FONDS KOERS VERSCHIL VERSCHIL % BEURS
ArcelorMittal
6,46 0,00 0,00 % Euronext Amsterdam

(ABM FN-Dow Jones) ArcelorMittal brengt het productieniveau in Europa terug naar aanleiding van de coronacrisis. Dit maakte de staalreus donderdag voorbeurs bekend, zonder de financiële gevolgen prijs te geven.

ArcelorMittal wil met deze stap niet alleen de gezondheid en de veiligheid van zijn werknemers waarborgen, maar de productie ook beter laten aansluiten op de vraag naar staal.

ArcelorMittal benadrukte donderdag dat het de internationaal uitgevaardigde richtlijnen van de Wereldgezondheidsorganisatie en overheden volgt.

De koers van het aandeel ArcelorMittal sloot woensdag op een rood Damrak 9,9 procent lager.

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: UBS verlaagt koersdoel ArcelorMittal

FONDS KOERS VERSCHIL VERSCHIL % BEURS
ArcelorMittal
6,058 -0,402 -6,22 % Euronext Amsterdam

(ABM FN-Dow Jones) UBS heeft donderdag het koersdoel voor ArcelorMittal verlaagd van 18,00 naar 14,00 euro met een ongewijzigde koopaanbeveling.

Volgens de analisten van UBS is ArcelorMittal "relatief goed gepositioneerd" met het oog op de corona-uitbraak.

De schuld is fiks verlaagd van 16 miljard dollar eind 2015 naar 9 miljard dollar eind 2019. Daarbij is de liquiditeit volgens de marktvorsers goed op orde en is de noodzaak tot herfinancieringen in 2020 en 2021 "bescheiden".

Ook is er nog voldoende ruimte in de convenanten, meent UBS.

Toch ontwaren de analisten ook zeker een aantal kwetsbaarheden. Allereerst de kredietwaardigheid van BBB- met negatieve outlook bij alledrie de grote kredietwaardigheidsbeoordelaars. Ook is er een pensioentekort en heeft ArcelorMittal grote garanties afgegeven, bijvoorbeeld in India voor het voormalige Essar Steel.

Vooralsnog blijven de staalprijzen volgens UBS redelijk liggen. Maar nu steeds meer fabrieken sluiten, zoals die van de automakers, zal de staalvraag dalen in de komende maanden, wat ook impact heeft op de prijzen en marges, waarschuwden de analisten.

Ten opzichte van Europese sectorgenoten beschikt ArcelorMittal volgens UBS niet alleen over een betere balans, maar is de geografische spreiding ook beter en is het relatief minder afhankelijk van de autofabrikanten.

Wel verlaagde UBS de EBITDA-raming voor 2020 met 24 procent naar 4,9 miljard dollar. Voor 2021 ging de winstraming met 7 procent omlaag.

Op een groen Damrak daalde het aandeel ArcelorMittal donderdag 1,4 procent naar 6,37 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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Arcelor-divisie beroept zich op overmacht'

Gepubliceerd op 19 maart 2020 13:46 | Views: 312

ArcelorMittal 13:41
6,18 -0,28 (-4,35%)

AMSTERDAM (AFN) - De grondstoffendivisie van staalreus ArcelorMittal kan naar verluidt door overmacht niet aan leveringsverplichtingen voldoen. Volens S&P Global Platts hebben zeker twee klanten van de onderneming een bericht gekregen waarbij Arcelor zich beroept op de juridische term force majeure bij de levering van kolen.

Onduidelijk is of Arcelor zich voor een bepaald product zoals kolen beroept op overmacht of dat het voor meerdere grondstoffen geldt. Arcelor weigerde commentaar te geven op de kwestie.
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